Welcome to the weekend, everybody. Heres some news for your reading enjoyment:
- Disintermediation: This middleman is planning to deploy capital using an investment strategy thats based on the elimination of middlemen . . . my brain hurts.
- Ventured Capital: Alaskas sovereign fund has realized a venture capitalists dream . . . without involving any venture capitalists.
- Raison Dêtre: Norway is drawing on its SWF to mitigate the impact of low oil prices on its economy, which is precisely why governments set up SWFs to begin with.
- New SDFs I:Taiwan is considering a new SDF to help catalyze emerging industries, such as the countrys biotech industry.
- New SDFs II:Indonesia wants its own version of Temasek or Khazanah.
- The Fee Machine I:Hedge fund fees are coming down . . . and they are still ridiculously expensive. The average fees are now: 1.64 percent and 20 percent.
- The Fee Machine II:NJs pension paid $744 million in management fees over the past few decad. . . Wait, hold on one sec. OK, Im being told thats a single years fees.
- The Fee Machine III: Great news for Carlyle and Apollo! Theyre under formal investigation by SEC for their shady fee practices. Oh, sorry. I meant terrible news. Not great; terrible. My bad.
- Attraction: Among the top 10 asset management firms everybody wants to work for are . . . two SWFs!
- Retention: AP4s CIO and CEO have now both resigned within a few weeks of each other. Somethings off here. Whats going on?
Have a great weekend!