Welcome to the weekend, everybody. Heres some news for your reading enjoyment:
- Rainy days I: Kazakhstans National Oil Fund is off 17% from its highs of $77 billion back in Aug 2014, as the government has been relying on the assets in the fund to fill budget gaps. According to some officials, the fund may be exhausted in a few years time.
- Rainy Days II: If you thought that decline trajectory was bad, Saudi Arabia is drawing down on its sovereign wealth fund to the tune of $14 billion per . . . MONTH. Ouch.
- Great Expectations: Minnesota Teachers Retirement Association will ask the state legislature to cut its return assumption from, technically speaking here, the unhinged shrieks level of craziness all the way down to the delusional mumbles level, or 8.5% to 8%.
- Sovereign Spoils Fund: Zimbabwes strategy for growing its new sovereign wealth fund revolves around compelling foreign firms to cede their wealth to Zimbabwes sovereign fund. To the fund go the spoils.
- Higher Ground: Norways massive SWF is divesting from Chinas ZTE Corp. over corruption concerns.
- New Funds: In case you missed it, Hong Kong launched a new $28 billion sovereign fund at the end of last year.
- Old Funds: Yes, its true: The modern sovereign wealth funds origins can be traced all the way back to the wild west of 1800s Texas.
- Whose Funds? Libyas rival Tripoli and Tobruk governments are fighting over the countrys massive SWF.
- Snake Oil:Private equity isnt, apparently, worth the risks or the fees. Who wouldnt want to pay 2 and 20 for five to six turns of leverage on an over-valued asset?
- Digging Out: Omans various sovereign funds are coming together to back Mining Development Oman. All together, the various funds will invest around $160 million.
Have a great weekend!