Germany, UK, France
Israel, Japan: Hard to Balance the Technology Triangle
China–US: Severed Cross-Border Ties
Rethinking Going Direct on Tech Investments
18 CHAPTER 10: Super Asset Owners Powerful ESG Guardians Super Fintech Institutions Fractured Tech Future MAD to MAP: Peaceful Diplomacy Conclusion
19 Appendix: Table of Abbreviations
20 Bibliography
21 Index
List of Tables
1 Chapter 1Table 1.1 Top Ten Sovereign Wealth FundsTable 1.2 Top Ten Public Pension FundsTable 1.3 Representative Volume of PPF/SWF Co-investments
2 Chapter 2Table 2.1 GSIA OverviewTable 2.2 SWF–SWF Co-investments as of 2018Table 2.3 NPS Voting Results 2016–2018Table 2.4 NPS Before vs. After the Adoption of Stewardship Principles
3 Chapter 3Table 3.1 Representative Sampling of US Offices of Sovereign InvestorsTable 3.2 Top Five Sectors for SWF Investments (2018–2019)Table 3.3 Singapore's Direct Deals in Tech 2015–2016 (Sample)Table 3.4 Representative Vision Fund US Investments.
4 Chapter 4Table 4.1 GIC's Global Portfolio of Data Centers
5 Chapter 7Table 7.1 The London Offices of Sovereign Investment FundsTable 7.2 Temasek's Worldwide Offices before 2010Table 7.3 Temasek's New Offices During the Tech BoomTable 7.4 Temasek Representative Tech Investments in Major Markets
6 Chapter 8Table 8.1 SIF White Knights for Wall StreetTable 8.2 Seven Transactions Blocked by US Presidential ActionsTable 8.3 Legislative History of CFIUSTable 8.4 Foreign Investment Transactions Reviewed by CFIUS, 2009–2017
7 Chapter 10Table 10.1 RDIF/Mubadala Cooperation Agreements
List of Illustrations
1 Chapter 1Figure 1.1 SIFs to the Rescue of CitibankFigure 1.2 NSIA Divided into three Ring-fenced Sub-FundsFigure 1.3 Temasek Identified Six Structural TrendsFigure 1.4 One Planet SWF Working GroupFigure 1.5 SIFs Lead $100 billion Vision FundFigure 1.6 The TID Focus of CFIUSFigure 1.7 New US SIFs for 5G
2 Chapter 2Figure 2.1 Typical FOF Investment StructureFigure 2.2 Conventional LP Investing into FundFigure 2.3 LP Co-investing with Fund GPFigure 2.4 Direct Investing (Traditional LP Becoming the GP Itself)Figure 2.5 Joint Investment by SIF and PE/VC FundFigure 2.6 Direct Listing – No Underwriters or New Share IssuanceFigure 2.7 The Entry of Non-Conventional Venture InvestorsFigure 2.8 Three Main Objectives of SIFs' Tech InvestingFigure 2.9 Issues with VC Fund InvestmentsFigure 2.10 SIFs Needs to Reorganize ThemselvesFigure 2.11 Mixed Results from “Passive” Active Investors
3 Chapter 3Figure 3.1 Three Layers of SIF/Unicorn EngagementsFigure 3.2 SIF-backed Vir Searching COVID-19 SolutionFigure 3.3 Moon Shooting for Fusion PowerFigure 3.4 Middle East SIFs Taking UberFigure 3.5 $100 Billion Vision FundFigure 3.6 Mobility theme across SIFsFigure 3.7 Alibaba's Ownership at IPOFigure 3.8 JD.com's Ownership at IPOFigure 3.9 Temasek and Mubadala into SenseTimeFigure 3.10 ADIA and RDIF into MegviiFigure 3.11 Global Sovereign Funds into World's Largest Unicorn
4 Chapter 4Figure 4.1 Growth in Global Internet Protocol (GIP) TrafficFigure 4.2 Digital Data EmpowermentFigure 4.3 The Inception of the Blue Dot NetworkFigure 4.4 NIIF Master Fund StructureFigure 4.5 Australian SIFs into Canberra Data CentersFigure 4.6 GIC into Data Center FLAP MarketsFigure 4.7 Smart Logistics behind Singles' DayFigure 4.8 Long-term Investments into Indian Logistics UnicornFigure 4.9 Three Prongs of BRIFigure 4.10 City of Fullerton – first Fiber City
5 Chapter 5Figure 5.1 Oman/Spain Cross-border Technology TransferFigure 5.2 The Evolution of ISIFFigure 5.3 “Additionality” Economic Concept by ISIFFigure 5.4 ISIF Biotechnology Investment Attracted Co-investorsFigure 5.5 China–Ireland Fund – JV at LP and GPFigure 5.6 NSIA Divided into Three Ring-fenced Sub-FundsFigure 5.7 Nigeria/Morocco–African SIF PartnershipFigure 5.8 SWF Innovation to Lower “Africa Risk”Figure 5.9 African SWFs Largely Funded by Commodity ExportsFigure 5.10 FSI/SEC – China/Italy Tech Transfer TransactionFigure 5.11 RDIF–CIC's New Focus on TechFigure 5.12 Morocco Leveraging Middle East Capital
6 Chapter 6Figure 6.1 The Rise and Fall of WeWorkFigure 6.2 Compounded Investments into Uber by PIF and Vision FundFigure 6.3 Temasek Led the June 2016 Financing Round of NIOFigure 6.4 Temasek Led the February 2017 Financing Round of MobikeFigure 6.5 The Life (Financing) Cycle of a UnicornFigure 6.6 GAAP Accounting vs. Founders' AccountingFigure 6.7 Early Investors more aligned with the Startup Founders than Late ...Figure 6.8 Apple's iPhone Product and related VC InvestmentsFigure 6.9 SIFs Increase Early Stage InvestmentsFigure 6.10 OMERS Venture as GPFigure 6.11 OSI Structured as Evergreen Corporation (Shareholders)
7 Chapter 7Figure 7.1 Unique Strategy – AlpInvest/PGGM/APG StructureFigure 7.2 AlpInvest/Carlyle Take-Private StructureFigure 7.3 Oxford Properties Structure before Taken-privateFigure 7.4 Overseas Office IntegrationFigure 7.5 OMER Ventures: Mix of Development and SeedingFigure 7.6 Ambitious Mission of First JIC FundFigure 7.7 CIC Co-invested with its Seeded-Platform West Summit in Unity...Figure 7.8 Temasek forms JV Platform for Supply Chain and Logistics IndustryFigure 7.9 Vision Fund Team in Global LocationsFigure 7.10 Capital Constellation – JV to Fund Emerging ManagersFigure
