Weekend Giant Reading, April 18–20, 2014

Here is the news down on the Avenue of Giants.


Here now, the news:

- New SWFs: Apparently Tanzania is planning to use some gas proceeds to create a new sovereign wealth fund.

- The Fee Machine: CalPERS high fives itself for cutting annual fees all the way down to $1.3 BILLION. In other news, Wall Street laughs hysterically. (And I promise you that the true spread between its net and theoretical gross returns is closer to $2 billion PER YEAR.)

- Mandates: The Libyan Investment Authority is looking to place $11 billion in mandates. A quick note to managers: If you are one of the funds being sued by the LIA for Gaddafi-era shadiness, there’s no need to apply.

- Get Down And Give Me Twenty: “PFZW has said it wants to build punishments into contracts with managers...” which I like the sound of.

- Privatizations: Kazakhstan’s National Welfare Fund Samruk-Kazyna will put more than 200 companies up for sale. Who wants in?


- Newsflash: According to new research, “Hedge funds make profitable trades on information leakage.” In other news, the sun rose this morning.

- VC: Canada’s OMERS is conducting a valuable experiment: Can a public pension compete directly in VC? I’m rooting for them to succeed. Big time.

Question: Would you buy the Queensland Motorway — a brownfield piece of infrastructure — for 25 times EBITDA?

- SDFs: Malaysia’s 1MDB just reported (over a year late) a 17x surge in 2012-13 earnings. Interesting it took them so long to report such good news...

- SDFs: Abu Dhabi’s Mubadala generated $1.5 billion in income last year.

- Africa: Temasek just closed a big deal in Nigeria and will continue to roll out more large investments in SSA, which I think is fairly cool.

- Strategy: Taiwan’s new $83 billion Bureau of Labour Funds is developing its first investment plan.

- Real Estate: The Canada Pension Plan Investment Board (CPPIB) will invest $250 million in Chinese residential real estate.

Have a great weekend!