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☆ Ambani's Reliance Jio IPO set for 2025, retail debut much later, sources say
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: +2 min

Reliance Industries' boss Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would "move towards" a listing within five years. The two sources said Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India's No. But the retail business IPO is not expected until after 2025 as the company first needs to address some internal business and operational challenges, said the first source. Reliance Jio is set to lock horns with Elon Musk if he launches his Starlink internet service in India, and Jio, which is also backed by Google and Meta, has partnered with Nvidia to develop AI infrastructure. Reliance, however, aims for the 2025 Jio IPO to be India's biggest ever, overtaking Hyundai India's record $3.3 billion IPO this year, said the first source.

Persons: Mukesh D, Ambani, Ajay, Mukesh Ambani, Ambani hasn't, Elon Musk, Jefferies Organizations: Reliance Industries Ltd, Reuters, Reliance Industries, Reliance, KKR, General, Abu Dhabi Investment Authority, Google, Nvidia, Hyundai Locations: New Delhi, India, Mumbai, General Atlantic, Abu Dhabi

☆ Want to get into the AI industry? Head to Abu Dhabi.
▼ + stars: | 2024-10-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

The UAE's AI minister believes we'll have "centers and nodes of excellence across the world." Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model. Abu Dhabi's ruling family also controls several of the world's largest sovereign wealth funds, including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX. In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry.

Persons: we'll, —, Omar Sultan Al Olama, Al Olama, Abu Dhabi's, PwC, It's, Mohamed bin, Abu Dhabi, Nancy Gleason, Mohamed Organizations: United, United Arab Emirates, Service, Stanford's Center, Atlantic Council, International Trade Administration, Abu, Abu Dhabi Investment Authority, Mubadala Investment Company, Atlantic, New York University, University of Artificial Intelligence, Intelligence, NYU Abu Locations: United Arab, Silicon Valley, Malta, Paris, United Arab Emirates, UAE, Silicon, Abu Dhabi, United States, China, Dubai, University, Abu, NYU Abu Dhabi

Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley's artificial intelligence darlings. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook. Few venture funds have deep enough pockets to compete with the multibillion-dollar checks coming from the likes of Microsoft and Amazon . MGX was launched as a dedicated AI fund in March, with Abu Dhabi's Mubadala and AI firm G42 as founding partners. For the U.S., having sovereign wealth funds invest in American companies, and not in global adversaries like China, has been a geopolitical priority.

Persons: Goldman Sachs, Prince Mohammed bin Salman's, Uber, LIV, UAE's Mubadala, MGX, Abu Dhabi's Mubadala, Anthropic, Andreessen Horowitz, Jamal Khashoggi, It's, Bpifrance, WeWork spiraled, Jared Cohen, there's Organizations: United, CNBC, Microsoft, Gulf Cooperation Council, Saudi Public Investment Fund, Abu, Abu Dhabi Investment Authority, Qatar Investment Authority, BlackRock, Global Infrastructure Partners, Saudi, U.S, Saudi Company, Artificial Intelligence, Washington Post, SoftBank, Goldman Sachs Global Institute Locations: Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Pitchbook, Abu Dhabi, Temasek, Singapore, China, UAE

"The two leaders will highlight a half century trajectory of UAE-U.S. partnership in trade, investment and security," the Emirati ambassador to Washington, Yousef al-Otaiba, posted on X ahead of the visit. Growing investment tiesTrillion-dollar relationshipThe United States and the UAE have a trade and investment partnership that spans more than five decades. In 2023, bilateral trade between the UAE and the U.S. was worth around $31.4 billion, with U.S. exports to the UAE exceeding $24.8 billion, according to the UAE Embassy in Washington, D.C. The UAE, which produces nearly 4% of the world's oil supply, also has investments in the United States that total $1 trillion. The UAE sovereign wealth funds including the Abu Dhabi Investment Authority and Mubadala are major investors in American real estate, infrastructure and technology sectors.

Persons: Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince, Abu, Hannah McKay, Sheikh Mohammed bin Zayed Al Nahyan's, Anwar Gargash, Sheikh Mohammed's, Joe Biden, Kamala Harris, Gargash, Yousef al Organizations: Downing, Getty, United Arab Emirates, Washington , D.C, U.S, UAE, UAE Embassy, Abu, Abu Dhabi Investment Authority Locations: Abu Dhabi, London, England, United States, Washington ,, Dubai, Gaza, UAE, Washington, U.S

☆ French quant firm Capital Fund Management is expanding in the US. Its president tells us where the $15.3 billion manager sees opportunities.
▼ + stars: | 2024-07-10 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

Read previewDespite its French headquarters, Capital Fund Management has long been connected to the US. Advertisement"There's no way around the US" as a quant fund, he explained, which use a vast amount of data and historical trends to inform computer-driven investment strategies. Alternative managers have turned to the private wealth channel for capital increasingly in recent years, mostly driven by large private equity firms like Blackstone, Apollo, and KKR. Tiger cubs like Tiger Global and Coatue have had long-standing relationships with JPMorgan's private wealth unit. Quant funds operate in a similar fashion, he said, and the firm thinks this can be translated to a broader audience than just longtime hedge-fund allocators.

Persons: —, Philippe Jordan, Jordan, Stifel, Blackstone, Bobby Jain's, Goldman Sachs, Morgan Stanley, there's Organizations: Service, Capital Fund Management, Business, CFM, Stratus, Apollo, KKR, Products, Abu, Abu Dhabi Investment Authority, UBS, HSBC, Bloomberg Locations: New York, Chicago, London, America, Paris, Louis, Abu Dhabi

☆ Money or talent? What's actually driving hedge funds to Abu Dhabi and Dubai
▼ + stars: | 2024-05-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

Millennium, Brevan Howard, Schonfeld, and ExodusPoint are just a few of the funds that have put roots down in either Abu Dhabi or Dubai. Meanwhile, Bridgewater's Ray Dalio bought a penthouse in Abu Dhabi as he compliments the country's policies. When one US-based hedge fund fundraiser met with Abu Dhabi officials late last year, he didn't expect much to come of it. He lauded everything from the Louvre outpost in Abu Dhabi to the warm weather to the responsiveness from government officials. A Bloomberg story on Abu Dhabi notes that it's fast-tracking country-club admissions for new wealthy immigrants.

Persons: —, Brevan Howard, Schonfeld, Bridgewater's Ray Dalio, Austen Smart, Tighe, Smart, Alan Howard, Greg Coffey, Danny Yong, hoover, Doug Greenig, Morgan, Point72, Steve Cohen, Viking Global's Andreas Halvorsen, keynotes, Howard, Abu Dhabi, Craig Bergstrom, Bobby Jain's, Florin Court's Greenig, Abu, Floring Organizations: Service, United Arab Emirates, titans, Business, Tighe International, Florin Court Capital, Morgan Stanley's, Dubai Financial Services Authority, Abu, Abu Dhabi Investment Authority, Mubadala Investment Company, Corbin Capital, Abu Dhabi Global, Hong Kong, pats, Bloomberg Locations: Dubai, Abu Dhabi, London, New York, Mumbai, UAE, Asia, Switzerland, It's, Gaza, Iran, Palm, Europe, Cayman Islands, Jersey, Miami, San Franciso, Riyadh, Saudi

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

☆ US appeals court scraps Sempra's Port Arthur LNG emissions permit
▼ + stars: | 2023-11-15 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHOUSTON, Nov 15 (Reuters) - A U.S. court has removed an emissions permit for Sempra's (SRE.N) Port Arthur LNG export terminal in Texas, but the company said construction of the facility will continue for now. The approximately 13.5 million-metric-tons-per-annum (mtpa) Port Arthur plant has approval to export LNG to both Free Trade Agreement (FTA) and non-FTA countries, including Europe, and is part of the U.S. LNG expansion to meet growing global demand for the superchilled gas. The decision sends the Port Arthur LNG permit application back to the TCEQ for new evaluation. Investment firm KKR (KKR.N) owns a 20% stake in Sempra Infrastructure while Sempra Energy owns 70% and Abu Dhabi Investment Authority owns 10%. John Beard, executive director of the Port Arthur Community Action Network, which brought the lawsuit challenging TCEQ, said of the ruling: “We’ve won by standing up for Port Arthur communities of color to breathe free from toxic pollution.

Persons: Dado Ruvic, Port Arthur, Sempra, John Beard, “ We’ve, –, Biden, Alex Munton, Munton, Curtis Williams, Deepa Babington, Stephen Coates Organizations: REUTERS, Rights, Port Arthur, Free, U.S, U.S ., Appeals, Fifth Circuit, Texas Commission, Environmental, Rio, Rio Grande LNG, Port, Sempra Infrastructure, ConocoPhillips, Investment, KKR, Sempra Energy, Abu Dhabi Investment Authority, Port Arthur Community Action Network, Global Gas & LNG Research, Rapidan Energy, Thomson Locations: Port, Texas, Europe, Rio Grande, Port Arthur, Abu Dhabi, Houston

The funds available for deals are growing as investors including pension funds, sovereign wealth and insurance firms look for meaty returns hard to find in today's equity markets, especially in the beaten-down real estate sector. Australian real estate specialist Qualitas (QAL.AX), whose backers include the Abu Dhabi Investment Authority, has nearly doubled funds under management to A$8 billion ($5.07 billion) since mid-2022, with roughly half the increase since this June. U.S.-based PGIM Real Estate expects to deploy a further $1 billion in the country over the next few years, said its head of Australian real estate Steve Bulloch. Lenders are expanding into residential and commercial construction as banks slow lending or exit, a March report from the Reserve Bank of Australia (RBA) said. JUICY RETURNSInvestors can expect returns from 9% to 11% with the added security of loans pledged against real assets like condos or warehouses, often with a 30% to 40% equity buffer, said Paul Notaras, executive director at Barings Real Estate Australia.

Persons: Stella Qiu, meaty, Steve Bulloch, JUICY, Paul Notaras, Notaras, Qualitas, Andrew Schwartz, Bonds, We've, Schwartz, Lewis Jackson, Rae Wee, Jamie Freed Organizations: REUTERS, Abu, Abu Dhabi Investment Authority, Commonwealth Bank, National Australia Bank, Westpac, ANZ Group, International Monetary, Reserve Bank of Australia, Australia, prudential, Reuters Graphics Reuters, Thomson Locations: Parramatta, Sydney, SYDNEY, Australian, Abu Dhabi, Australia, Qualitas, Singapore

☆ Millennium isn't Schonfeld's only suitor. Investors like Blackstone and Abu Dhabi's wealth fund are also in the picture, as the deal is far from certain.
▼ + stars: | 2023-10-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The message was that a tie-up with Millennium was a 50-50 proposition and that any agreement would be contingent on Schonfeld remaining independent. Other strategic investors in the mix include Blackstone, GIC, and Future Fund, an Australian sovereign wealth vehicle that's already a significant Schonfeld investor. Schonfeld's assets have dipped this year amid meager returns, and the fund has cut costs and slowed hiring in recent months. But fundraising from cautious institutional investors is time-consuming, and Millennium chief trading officer Mark Meskin contacted Schonfeld's leadership to discuss a potential tie-up, sources say. Schonfeld, industry sources say, was likely under pressure from existing investors, who have had to bear a higher brunt of the fees following redemptions.

Persons: Izzy Englander, Justin Gmelich, Ryan Tolkin, Schonfeld, Steve Schonfeld's, Mark Meskin, Schonfeld's, — Organizations: Financial Times, Millennium, Schonfeld, Tolkin, Abu, Abu Dhabi Investment Authority, year's, Future Fund Locations: Manhattan, Millennium's, Abu Dhabi, Schonfeld

☆ Indian billionaire Ambani's Reliance Retail to raise $598 mln from ADIA
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Oct 6 (Reuters) - Billionaire Mukesh Ambani's Reliance Retail Ventures said on Friday it would raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India's largest retailer ahead of a potential stock market listing. "Reliance Retail has demonstrated strong growth and adaptability in a market that is evolving at an unprecedented pace," said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA. The investment comes as Reliance set an internal target to raise $3.5 billion. ADIA and Singapore's GIC had invested $664 million each into the retail unit in 2020 as Reliance sold a 10.09% stake at a valuation of 4.68 trillion rupees. Morgan Stanley acted as financial adviser to Reliance Retail Ventures for the ADIA deal.

Persons: Amit Dave, Mukesh, Hamad Shahwan Aldhaheri, Singapore's GIC, Ambani, Morgan Stanley, Chris Thomas, Maju Samuel Organizations: Reliance Industries, REUTERS, Rights, Retail Ventures, Abu Dhabi Investment Authority, ADIA, Reliance, KKR, Qatar Investment Authority, Reuters, Saudi Arabia's Public Investment Fund, Reliance Retail Ventures, Thomson Locations: Ahmedabad, India, Abu Dhabi, ADIA, Singapore, Saudi Arabia, Bengaluru

☆ Centerbridge teams up with Wells Fargo to launch direct-lending fund
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 26 (Reuters) - Private equity firm Centerbridge Partners is launching a direct-lending fund with backing from Wells Fargo (WFC.N), the companies said on Tuesday. The direct-lending market is dominated by private equity firms, which in recent months have been looking to expand their footprints in the sector as mid-sized banks tighten loan standards. The fund named Overland Advisors will target at least $5 billion in investible capital with a focus on meeting credit requirements of North American mid-sized companies, the San Francisco-based bank and Centerbridge said. Abu Dhabi Investment Authority and British Columbia Investment Management Corporation have agreed to provide nearly $2 billion in initial equity commitments.

Persons: Stephanie Keith, Wells, Centerbridge, JPMorgan Chase, forayed, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Centerbridge Partners, Overland, North, Abu, Abu Dhabi Investment Authority, Columbia Investment Management Corporation, JPMorgan, Reuters, Thomson Locations: New York City, U.S, Wells Fargo, San Francisco, Abu Dhabi, Bengaluru

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ Ambani’s retail backers dispel only a little doubt
▼ + stars: | 2023-09-15 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Asia’s richest man is raising fresh funds to trim debt and expand the shopping unit of his flagship Reliance Industries (RELI.NS). Ambit Capital, a broking firm, for example ascribes Reliance Retail a $57 billion valuation in a sum of the parts analysis, almost half Bernstein’s estimated $111 billion. Any financial haze around Reliance Retail will naturally clear whenever it publishes a detailed listing prospectus. U.S. private equity giant KKR will invest 20.7 billion rupees ($250 million) into Reliance Retail Ventures, the company’s parent Reliance Industries said on Sept. 11. Reliance Retail is a subsidiary of Reliance Industries.

Persons: Mukesh Ambani, Thakore, Singapore’s GIC, Bernstein, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, KKR, Abraham, Qatar Investment, U.S, Reliance Retail, Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, Reliance, HK, India’s Reliance Industries, Reliance Retail Ventures, Thomson Locations: MUMBAI, Qatar, Abu Dhabi, China, Singapore, Saudi Arabia

Reliance Retail is India's largest retailer and is led by Asia's richest person Mukesh Ambani. Of that, QIA last month announced a $1 billion investment and KKR & Co (KKR.N) this week $250 million. Reliance sold a 10.09% stake in its retail unit in 2020, valuing it at 4.68 trillion rupees ($56.4 billion). When ADIA invested in Reliance Retail in 2020, it said it was part of its strategy of targeting market leading businesses in Asia linked to the region's consumption-driven growth. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Singapore's GIC, Mukesh Ambani, QIA, ADIA, PIF, Marks, Spencer, Ambani, Sriram, Aditya Kalra, Yantoultra Ngui, Alexander Smith Organizations: Reliance, Asia's, Reuters, KKR, Co, Abu Dhabi Investment Authority, Saudi Arabia's Public Investment Fund, Reliance Industries, Reliance Retail, Unilever, Thomson Locations: MUMBAI, DELHI, DUBAI, Singapore, Abu Dhabi, Saudi Arabia, GIC, Asia

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ India's Mankind Pharma soars 31%, valuing condom maker at almost $7 bln
▼ + stars: | 2023-05-09 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, May 9 (Reuters) - Shares of Manforce condom maker Mankind Pharma Ltd (MNKI.NS) surged as much as 31% in debut trading on Tuesday, valuing the company at 566.43 billion rupees ($6.93 billion) in the country's biggest listing so far this year. The company, which also owns India's top at-home pregnancy testing kit Prega News, opened at 1,300 rupees, staying above that mark through the morning session and hitting its highest at 1,414 rupees. It was seeking a valuation of 432.64 billion rupees ($5.29 billion) at the upper end of a price band it set for its initial public offering last month. The strong debut will likely lift the sentiment for the IPO market overall." The company's IPO had an offer for sale of shares worth 43.26 billion rupees from existing shareholders, including its founder Ramesh Juneja, and allocated 12.98 billion rupees worth of shares to 77 anchor investors including Canada Pension Plan Investment Board, Government of Singapore, Goldman Sachs and Abu Dhabi Investment Authority.

☆ EQT's pet-drug foray could yield tame returns
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters Breakingviews) - EQT (EQTAB.ST) is turning to furry friends to defy the buyout market’s record slowdown. Still, it looks a stretch to secure the sort of 20% returns buyout shops usually seek. EQT’s offer values Dechra at 27 times its EBITDA for the last 12 months. Bullishly assume the group can grow revenue at 10% annually, improve the current 28% EBITDA margin to 30%, and sell after five years at a superior 28 times EBITDA multiple. Even financing a quarter of the deal with debt at 6 times EBITDA, the deal’s internal rate of return would only amount to 17%.

☆ Only the big will crack the $1 trln LBO code
▼ + stars: | 2023-04-12 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

Lenders will only tiptoe back, meaning deals need the big checks and extra elbow grease in credit markets that favor the largest private equity firms. Private equity firms depend on borrowed money to reduce how much of their own they use in any single deal and to magnify returns as a percentage of their initial investment. Imagine a private equity firm acquires a company for $1 billion, then flips it five years later for $1.5 billion. Though the private equity industry is awash in so-called dry powder, fundraising is increasingly tilting to the largest fund managers. Buyout firms are apt to keep their plans more conservative to garner higher ratings – meaning, again, less leverage and more upfront cash.

☆ 9 Middle Eastern funds and investors pouring money into US media, sports, and entertainment
▼ + stars: | 2023-04-03 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Governments and investors in the Middle East are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Jared Kushner's PE firm was backed by Emirates, Qatar - NYT
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Wealth funds in the United Arab Emirates (UAE) and Qatar have invested hundreds of millions of dollars with former U.S. President Donald Trump's son-in-law Jared Kushner's private equity firm, the New York Times reported on Thursday. The Emiratis invested more than $200 million with Kushner's Affinity Partners, while a Qatari entity also put in a similar sum, the newspaper said, citing people with knowledge of the transactions. Kushner, who was also a top adviser to Trump, formed the Miami-based Affinity Partners in 2021, Reuters had reported. The investment from the UAE came through a sovereign wealth fund, but the Qatari investor's identity was unclear, the NYT report said. Abu Dhabi Investment Authority, Mubadala, Emirates Investment Authority, Affinity Partners, and the Qatar and UAE embassies in Washington did not immediately respond to Reuters requests for comment.

☆ UAE leader breaks with tradition, appoints son as crown prince
▼ + stars: | 2023-03-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, the UAE leader's eldest son, is now the oil-rich Middle Eastern country's crown prince, effectively next in line for its leadership. Sheikh Tahnoon was already named chair of the $790 billion Abu Dhabi Investment Authority, the emirate's main sovereign wealth fund, earlier in March. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi. He described the decision as "formalizing the leverage Abu Dhabi has over Dubai, and how little Dubai will be allowed to say in foreign policy." Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum attends the Global Women's Forum in Dubai, United Arab Emirates, February 16, 2020.

Sheikh Mohammed, who became president and Abu Dhabi ruler last year after running the U.S.-allied OPEC oil producer for years, named his brother Sheikh Mansour as UAE vice president, alongside Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. This appeared to further centralise power in Abu Dhabi, which is the political capital by virtue of its immense oil wealth, of the UAE federation of seven emirates. Abu Dhabi has held the presidency since the founding of the UAE federation by Sheikh Mohammed's father in 1971. Sheikh Mohammed, known as MbZ, had been grooming his son in positions of authority in security - including intelligence - economy and governance, analysts say. Earlier this month, Sheikh Tahnoun was named chair of Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

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