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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

The upcoming national strategic fund for "Made in Italy" products will have an initial endowment of 1 billion euros ($1.10 billion) in state cash, the statement said, adding it would also aim to boost procurement of "critical raw materials." A draft seen by Reuters showed that the new vehicle was also entitled to invest in domestic, listed firms not operating in the financial sector. The scheme will aim to raise at least an additional 500 million euros from private investors, according to the document. Run by the state lender Cassa Depositi e Prestiti (CDP), the Patrimonio Rilancio fund was originally intended to provide some 40 billion euros of financing, but has so far invested just around 1 billion. Once the bill is approved by parliament, the government will issue a decree defining how the fund will work.

Persons: Rome, Giorgia Meloni, Adolfo Urso's, Italy's, Alison Williams, Deepa Babington Organizations: Reuters, United Arab, Industry, Patrimonio, InfraVia Capital Partners, Paris, Equity, Thomson Locations: ROME, Italy, Saudi Arabia, Qatar, United Arab Emirates, Azerbaijan, Norway, France

☆ Morning Bid: Too soon to drink to the US debt deal
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

More detail and clarity are expected around the tentative agreement in Washington to suspend the $31.4 trillion federal debt ceiling until January 2025 in exchange for caps on spending and cuts in government programmes. In the first trades in U.S. debt markets since the debt ceiling deal, longer-term Treasuries rallied in Asia, driving benchmark 10-year yields down 6 basis points to 3.76%. Asian stocks are up, and futures indicate mild gains for stocks in Europe and the United States, too. Besides the debt deal, there is little else on investors' minds. Earnings : Manchester United, Hewlett-PackardReporting by Vidya Ranganathan; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ There are whispers on Capitol Hill of a rare bipartisan effort to overhaul Social Security as the program is set to go broke in less than 10 years
▼ + stars: | 2023-03-01 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

A group of senators is considering a sovereign wealth fund (SWF) to prevent Social Security insolvency, Semafor reported. A SWF is a government-backed investment fund, and its profits would be used to pay Social Security benefits. In this case, such investments would be used to fund Social Security payments. The goal is, members of the group told Semafor, for Social Security to be solvent for 75 more years, at least. "Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan.

☆ Market misery deals sovereign wealth funds historic setback in 2022 -study
▼ + stars: | 2023-01-01 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

SummarySummary Companies Assets managed by sovereign wealth funds fell nearly 8%Assets of public pension funds dropped almost 6%LONDON, Jan 1 (Reuters) - Heavy falls in stock and bond markets over the last year have cut the combined value of the world's sovereign wealth and public pension funds for the first time ever - and to the tune of $2.2 trillion, an annual study of the sector has estimated. The report on state-owned investment vehicles by industry specialist Global SWF found that the value of assets managed by sovereign wealth funds fell to $10.6 trillion from $11.5 trillion, while those of public pension funds dropped to $20.8 trillion from $22.1 trillion. Despite all the turbulence though, the money funds spent buying up companies, property or infrastructure still jumped 12% compared with 2021. A record $257.5 billion was deployed across 743 deals, with sovereign wealth funds also sealing a record number of $1 billion-plus "mega-deals". Two months later, Italy's CDP Equity wealth fund spent $4.4 billion on Autostrade per l’Italia alongside Blackstone and Macquarie.

☆ Market misery deals sovereign wealth funds historic setback in 2022: Study
▼ + stars: | 2023-01-01 | by ( ) www.cnbc.com time to read: +3 min

Global SWF's Diego López said the main driver had been the "simultaneous and significant" 10%-plus corrections suffered by major bond and stock markets, a combination that had not happened in 50 years. Despite all the turbulence though, the money funds spent buying up companies, property or infrastructure still jumped 12% compared with 2021. A record $257.5 billion was deployed across 743 deals, with sovereign wealth funds also sealing a record number of $1 billion-plus "mega-deals". Two months later, Italy's CDP Equity wealth fund spent $4.4 billion on Autostrade per l'Italia alongside Blackstone and Macquarie. "If financial markets continue to fall in 2023, it is likely that sovereign funds will keep 'chasing elephants' as an effective way of meeting their capital allocation requirements," the report said.

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