Transparency and predictability are key to impactful responsible investing, according to Yngve Slyngstad, former CEO of Norges Bank Investment Management (NBIM) [ca37c4d8]. He transformed the Government Pension Fund Global into the largest sovereign wealth fund globally, advocating for long-term investing, diversification, active ownership, and transparency. Wilhelm Mohn, the global head of governance at Norges Bank, emphasizes the importance of accountability and stability in responsible investing to safeguard assets for future generations. The fund publishes its voting decisions in advance, divests from high-risk or poorly managed companies, and focuses on topics such as net zero emissions, anti-corruption, and human rights. The CEO of Singapore's sovereign wealth fund, GIC, highlights the role of long-term capital in supporting sustainable success, enabling companies to meet net-zero goals and accelerate the clean energy transition. Benoit Laclau, a leader at EY, prioritizes people and believes that motivated employees deliver excellent results. EY aims to provide quality services and insights to foster trust and confidence in the global capital markets. Bill Hughes, Head of Real Assets at Legal & General Investment Management, discusses the shift from passive rent collection to active impact investing, emphasizing the importance of considering environmental, social, and governance (ESG) factors in investment decisions. Norway's Government Pension Fund Global, managed by Norges Bank Investment Management, is considering investing in private equity funds and co-investments. The fund plans to build expertise in co-investing alongside private equity funds and will gradually build a portfolio of co-investments to ensure diversification. The fund expects a start-up phase followed by a growth phase and a management phase, with a portfolio of the desired size taking about a decade to build. The fund will primarily invest in mid-sized and large buyout funds and will focus on developed markets in Europe and North America. The investment strategy will be detailed and will include a return target. [5e20cb70]
Mediolanum, a European firm, has rolled out nine ESG-focused funds. The MBB Future Sustainable Nutrition Fund, co-managed by Black Rock and Pictet, aims to provide investors with exposure to the sustainable nutrition theme and the evolution of a new food system. The fund's top holdings include John Deere, DSM, Beyond Meat, Hello Fresh, and Just Eat. The MBB Circular Economy Strategy, co-managed by KBI Global Investors, focuses on reducing, reusing, and recycling products. The fund's top holdings include Veolia Environment, Kerry Group, Ag Growth International, and Trimble. Both funds are compliant with the EU's Sustainable Finance Disclosure Regulation. The funds have faced challenges due to the difficult economic environment, but the managers remain positive about their long-term prospects. [fc572bbe]
New York Life Investment Management has announced a strategic partnership with Bow River Advisers, a subsidiary of Bow River Capital [59493631]. Under the partnership, NYLIM will take a minority interest in Bow River Advisers and serve as the distribution partner for the Bow River Capital Evergreen Fund (EVERX), a fund that provides access to a diversified portfolio of private equity investments. The Evergreen Fund was launched in May 2020 and offers immediate investment exposure, broad diversification, and low investment minimums. NYLIM will provide distribution and marketing support to the Fund, while Bow River Capital Evergreen's investment strategy and day-to-day operations will remain unchanged.
Private equity firm Wynnchurch has closed its sixth fund [27cb4b7e]. The fund closing was announced on January 19, 2024. In other private equity news, Bertram Capital has closed its fifth fund, and Colorado Fire & Police has added a senior investment analyst [27cb4b7e]. These developments highlight the ongoing activity and growth in the private equity sector. [27cb4b7e] [27cb4b7e]
US multifamily real estate specialist Virtú Investments has acquired a 50-unit property in Oakland, California for $10.6m. The property was sold by Rio Properties and brokered by Colliers and was placed into the Virtú Evergreen Fund. The acquisition is part of Virtú's contribution programme, where real estate families and groups can contribute multifamily properties valued between $10m and $150m in exchange for an interest in the fund while deferring capital gains taxes. The Virtú Evergreen Fund currently holds $1.1bn in real estate across six western US markets [72631473].
Private equity chiefs have benefited from the recent surge in hedge fund performance, with private equity firms enjoying a $40bn gain in share value. This surge has been attributed to the strong performance of hedge funds. The article also mentions EY's failed 'Project Everest' spin-off plan, which resulted in the company taking on $700mn in debt. PwC has delayed graduate scheme promotions due to slowing client demand. Tod's plans to delist from the Milan stock exchange. The article concludes by discussing the opportunities presented by WeWork's distress for Adam Neumann [799e1347].
Aware Super's private equity team has invested $US50 million in Washington's Galway Sustainable Capital, a specialist financier acquired by Macquarie Asset Management for $US250 million in June. Galway focuses on renewable energy, transport, green buildings, energy efficiency agriculture, and carbon markets. Last month, it acquired a majority stake in Forsite Renewables. Aware Super's investment was made by its private equity unit led by Jenny Newmarch. The team aims to deploy 50% of its $10.2 billion pool on co-investments. The deal was overseen by William Demas, head of Macquarie Asset Management for the Americas. [bdb5979e]
Hayley Grafton has been appointed senior RI analyst on EdenTree’s responsible investment team. She will lead the firm’s corporate governance and proxy voting work, as well as focusing on core themes such as climate change, financial inclusion, and water stress. Grafton previously worked as a sustainable investment specialist at Mercer. Carlota Esguevillas, head of responsible investment at EdenTree, stated that Grafton's expertise and experience will complement the current team's knowledge and allow for an expanded focus on clients and prospects. The responsible investment team at EdenTree is headed by Esguevillas and supported by Amelia Gaston and Cordelia Dower Tylee. [a53f1684]
Asset and Investment managers Oxygen has appointed Amber Luscombe as Head of ESG to focus on environment, social issues, and corporate governance. Oxygen aims to implement strong ESG targets to add value and future-proof buildings. The company has appointed Amber Luscombe to ensure a continued focus on ESG and strive for more. Oxygen is a leading asset and investment management business based in London, founded in 2004. [1012c2b0]
GIST Impact, a leading impact data and analytics provider, has announced an investment from UBS Next, the venture and innovation unit of UBS [09691321]. GIST Impact delivers impact intelligence to companies and investors, helping them measure their environmental and social impacts. The investment from UBS Next will support the expansion of GIST Impact's product integrations and development of impact data and software solutions. Andre Hoffmann, Co-Founder of GIST Impact, stated that the partnership with UBS is a commitment to foster a more sustainable future. Sergio Ermotti, Group CEO of UBS, believes that impact intelligence and data will help investors manage their portfolios in a targeted manner. Pavan Sukhdev, Co-Founder and CEO of GIST Impact, stated that their impact valuation platforms help companies evaluate their impacts, dependencies, risks, and opportunities. [09691321]
The 2024 GSR Scoreboard, published by Global SWF, provides a comprehensive analysis of the Governance, Sustainability, and Resilience practices of State-Owned Investors (SOIs) such as Sovereign Wealth Funds (SWFs) and Public Pension Funds (PPFs) [f458798e]. The scorecard is based on 25 elements, including 10 related to governance, 10 to sustainability, and five to resilience. The preliminary results show an overall increase in scores from 60% in 2023 to 61% in 2024. The top performers include Canadian pension managers and sovereign wealth funds from Ireland, Singapore, and New Zealand. The regional diversity of the leaderboard demonstrates that best practices are not limited to Western markets. The GSR Scoreboard is based on publicly available information and is designed to be independent, rigorous, and fully transparent. The assessment tool has gained recognition as a key metric among sovereign and pension funds globally. The GSR methodology incorporates elements from various governance and sustainability frameworks, including the Santiago Principles, Truman Scoreboard, and UNPRI Assessment Reports. The GSR Scoreboard has been well-received by SOIs, with almost 50% of the assessed funds engaging in discussions and providing feedback. The GSR Scoreboard has also become a central part of the conversation about SWF best practices and has been referenced in academic journals and books. The GSR Scoreboard provides insights into the investment activity and trends among sovereign investors. In the first half of 2024, SWFs and PPFs have seen a significant increase in assets under management (AuM), with SWFs surpassing $12 trillion and PPFs surpassing $24 trillion. The investment activity has been cautious but larger in size, with 27 mega-deals of over $1 billion. Geopolitical considerations and exposure to China continue to be debated among sovereign investors, with Western funds being bearish and Eastern funds being bullish. The GSR Scoreboard also highlights the establishment of new sovereign funds and offices worldwide. The GSR methodology and results demonstrate the correlation between best practices and financial performance. The top-performing funds in the GSR Scoreboard have achieved strong financial returns over the past decade. The GSR Scoreboard provides a breakdown of results by region, highlighting the leaders and improvements in each region. Oceania has the highest average score, followed by Europe, Asia, Sub-Saharan Africa, North America, MENA, and Latin America. The GSR Scoreboard emphasizes the importance of governance, sustainability, and resilience in the operations of SOIs and their impact on financial performance. The GSR Scoreboard serves as a benchmark for asset owners to compare themselves with peers and improve their practices, and it provides valuable insights for other market participants. [f458798e]