Regulation

The data automation company that was backed by Bessemer, Battery, Globespan and MK Capital will be sold for $800 million.

In a letter to the US government, the Abu Dhabi government said its sovereign wealth fund should be treated like any other US pension fund.

In a letter to the US government, Abu Dhabi argues its sovereign wealth fund, the Abu Dhabi Investment Authority, should be treated like any other US pension funds and not unfairly discriminated against.

Despite vigorous lobbying by business groups, the UK government has pushed ahead with its plans to introduce the annual levy on foreigners working in Britain, which will force many private equity real estate professionals in the country to pay additional UK tax on their personal worldwide earnings.

The Canada Pension Plan Investment Board has teamed up with Blackstone and a Canadian telecom company to bid in an upcoming spectrum auction. The consortium has deposited $340 million toward that end.

A draft bill emanating from the Ministry of Justice could restrict the volume of investments in distressed debt, including real estate debt.

CalSTRS’ board has vehemently opposed a pending California bill that would limit pensions’ investments in private equity firms with links to sovereign funds, while the president of Canada’s second-largest pension today warned a US Congressional task force against introducing similar legislation.

The $121 billion CPPIB today argued before US lawmakers that it should not be lumped in with all sovereign wealth funds, as legislators in California attempt to bar the US’ largest pension groups from investing in private equity funds tied to sovereign wealth funds.

PERE's sister news service PEO interviews Alberto Torrico, the California assemblyman who recently introduced a proposed law that would force the state’s public pensions to cease ties with firms that are partially owned by certain sovereign wealth funds. Torrico tells PEO he is particularly targeting alleged human rights abuses in the United Arab Emirates, and that the objections voiced by pension investment staff are “overstated, exaggerated”.

As real estate investors such as Sam Zell’s Equity International scout opportunities in Libya, a project in the seaside resort of Janzour has received a €55 million development finance facility, the first of its kind in the country.