MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
Blackstone has a presence across alternative asset investment businesses. In addition to the $15.6 billion in private equity the firm has raised a $7.2 billion real estate fund, a $2.7 billion corporate debt fund, a $620 million hedge fund and a $4 billion fund of hedge funds. Since it started private equity investing in 1987 it has raised a total of $63 billion for alternative asset investing. Currently, Blackstone has private equity investments in 45 portfolio companies.
Stephen Schwarzman, Chairman & CEO of the Blackstone Group says: ôThis extraordinary vote of confidence from our investors is extremely gratifying. The record-breaking amount of capital now at our disposal will allow us to undertake transactions of a size and complexity that was inconceivable just a few years ago, and at a level where there is far less competition for high quality assets.ö
SchwarzmanÆs point about competition is an interesting one û certainly the private equity market is very crowded but it remains to be seen whether the higher end, in terms of deal value, will yield more opportunities.
Blackstone also announced this week that it had closed its first transaction in India since it set up a base there almost a year ago. Blackstone will invest $450 million in Emcure, a vertically integrated pharmaceutical company engaged in research and development and manufacturing of active pharmaceutical ingredients, branded formulations and biotech products. It also markets these products in India and international markets. The Emcure facility has accreditation from the US FDA, UK MHRA, WHO Geneva and MCC South Africa. The transaction is expected to close by August 2006.
Akhil Gupta, Chairman and Managing Director of Blackstone Advisors India says: ôBlackstoneÆs investment in Emcure reflects our strong interest in the Indian pharmaceutical industry which we believe is well positioned to show robust domestic growth as well as benefit from increased amount of outsourcing to India.ö
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.