Hong Kong Investment Corporation. Alberta Investment Management Co. Aware Super. Indian Institute of Ahmedabad Endowment Fund.
These are just some of the entities that AsianInvestor spoke to during the month. As always, we strive to speak to the leading lights in the asset owner industry and in September, we had quite the haul of exclusive interviews.
The newly established Hong Kong Investment Corporation (HKIC) will focus on private market investments to drive the city’s competitiveness in fintech, AI, biotech, life sciences, advanced manufacturing, and green finance, a government official told AsianInvestor.
So far, the government-owned investment institution has received over 100 proposals from venture capital funds in artificial intelligence, fintech, Web3, etc., as well as asset management companies across Hong Kong, mainland China, and overseas markets, according to King Leung, head of financial services and fintech at Invest Hong Kong, the government’s foreign direct investment agency.
Invest Hong Kong is acting as a partner to HKIC and the Hong Kong Monetary Authority (HKMA) in the preparation to launch HKIC and its investment project selection.
The Alberta Investment Management Corporation (AIMCo) recently announced its plans to diversify its private assets, particularly in Asia, at the opening of its Singapore office on September 12.
With $9 billion in private equity, $14 billion in infrastructure, and $17 billion in real estate, the fund plans to increase its exposure in the Asia Pacific region and boost its private equity allocations, which it sees as currently underweight, according to Chief Investment Officer Marlene Puffer.
AIMCo is exploring larger markets and countries with robust growth potential, said Puffer.
Norway's Government Pension Fund Global, the world's largest sovereign wealth fund (SWF), has begun winding down operations at its China representative office in Shanghai.
The office shutdown is not expected to affect the fund's investment strategy or investments in China, it said in a statement on Sept 7.
The fund's Asia operations will be carried out from Singapore going forward.
Indonesia Investment Authority (INA), the country’s sovereign wealth fund, latest co-investment is another step in efforts to lead the development of digital infrastructure with a strong emphasis on sustainability.
Its latest co-investment is with GDS, a Chinese developer and operator of data centres, to develop data centres in Indonesia via an equity joint venture.
“We have confidence that their [GDS] data center design will be at the forefront in terms of PUE (power-usage-efficiency),” Stefanus Hadiwidjaja, chief investment officer of INA, told AsianInvestor, underlining the emphasis the SWF places on green principles and sustainability.
Aware Super’s office in London, projected to be completed by the end of 2023, will allow the Australian pension fund to maximise opportunities in international property, infrastructure, and private equity investments, according to Damien Webb, deputy chief investment officer and head of international.
“For a fund of our scale, with A$160 billion ($102 billion) under management and growing, there’s a whole suite of benefits in having an on-the-ground presence in a global investment hub like London,” Webb told AsianInvestor.
Webb, who will relocate to London in October to oversee the expansion, said that having a physical presence in overseas markets for private market investing gives Aware Super a competitive advantage.
The initial groundwork to set up an Indian management institute's endowment fund is complete, and focus will now shift on increasing the financial commitments for the fund, which should help with drafting more thoughtful investment strategies later on, the top executive of the fund said.
'The first level of work has happened and we are now at what I consider is ‘endowment 2.0’,” Chhavi Moodgal, CEO of the Indian Institute of Management Ahmedabad (IIM-A) Endowment Fund, told AsianInvestor.
IIM-A is India’s top business school and is known globally for its various management programmes.
Some of IIM’s famous alumni include World Bank President Ajay Banga, former PepsiCo CEO Indra Nooyi and former Indian central bank governor and chief economist of the International Monetary Fund Raghuram Rajan.
AsianInvestor also held its Insurance Investment Briefings in Hong and Singapore. Read our coverage on what executives from Manulife, Singlife, China Life and AIA said at these events.