The Hunt for Unicorns

The Hunt for Unicorns
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Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds that are often in the media's spotlight. But more and more a new group of sovereign investors, which includes some of the world's largest sovereign wealth funds, government pension funds, central bank reserve funds, state-owned enterprises, and other sovereign capital-enabled entities, have emerged to become the most influential capital markets players and investment firms, with $30 trillion in assets under management (“ super asset owners ”). Their ample resources, preference for lower profile, passive investing, their long-time horizon and adherence to sustainability as well as their need to diversify globally and by sector have helped to transform the investment world and, in particular, private markets for digital companies. They have helped create and sustain an environment that has fostered the rise of the likes of Uber, Alibaba, Spotify and other transformative players in the digital economy, while providing their founders and business models the benefit of long-term capital. Despite this increasingly important impact, sovereign investors remain mostly unknown, often maintaining a low profile in global markets. For the same reason, they’re also among the most widely misunderstood, as many view investments made by sovereign investors as purely driven by political aims. The general perception is that most sovereign investors lack transparency and have questionable governance controls, causing an investee nation to fear exposure to risks of unfair competition, data security, corruption, and non-financially or non-economically motivated investments. The current global tensions around the AI race and tech competition – and now the corona virus pandemic – have exacerbated such misperceptions, spawning controversies around sovereign investors and capital markets, governments, new technologies, cross-border investments, and related laws and regulations. As such, sovereign capital and the global digital economy are undergoing an unprecedented, contentious moment. In short, the emergence of sovereign funds symbolizes a major shift of the world’s economic power. For the first time, investment funds from developing countries are playing with OECD financial giants as equals. Furthermore, their investments into high tech enable them to participate at the cutting-edge of the fourth industrial revolution, challenging traditional innovation powerhouses like the US and Germany. For all stakeholders, from tech unicorns, VC funds, asset managers, financial firms, to policymakers, law firms, academics, and the general public, this is the must-have book to get to know these new venture capitalists and “super asset owners”.

Оглавление

Winston Ma. The Hunt for Unicorns

Table of Contents

List of Tables

List of Illustrations

Guide

Pages

The Hunt for Unicorns. HOW SOVEREIGN FUNDS ARE RESHAPING INVESTMENT IN THE DIGITAL ECONOMY

Foreword. It is Time to Build the Greatest of Time Machines

The Investment Partners of Choice

Into the Vanguard of the Digital Transformation

Authors' Notes and Acknowledgments. Winston Ma

Acknowledgements. Paul Downs

About the Authors

Preface

Part I: The Trillion-Dollar Club

Chapter 1: Sovereign Investors Rising in Crisis

Chapter 2: From Passive Allocators to Active Investors

Part II: In Pursuit of the Digital Revolution

Chapter 3: The Global Hunt for Unicorns (Decacorns)

Chapter 4: Long-term Capital into the Digital Infrastructure

Chapter 5: Spurring Domestic Digital Transformation

Chapter 6: Go Early, Go Nimble

Chapter 7: The Hunt for the Hunting Party

Part III: Global Expansion, Regulatory Responses, and International Policies

Chapter 8: Overseas Expansion and National Security Collide

Chapter 9: Tech Transactions Snared by Geotech Tensions

Closing Chapter: Super Asset Owners

CHAPTER 1 Sovereign Investors Rising in Crisis

Trillion-Dollar Club

Talk vs. Walk

Follow the Money

Dutch Disease

Transparency at its Core

Big Spenders, ESG Promoters

Politics, Ethics, and International Diversification

1MDB the Outlier

Rush into the Digital Revolution

The IPO to end all IPOs

CHAPTER 2 From Passive Allocators to Active Investors

Behind-the-Scene Asset Owners

Invest into the Professional Investors

Going Direct: Real Estate to Infrastructure

When Going Direct, Go Big

Other People's Money

Active Investors Taking Actions

“Nut Rage” and “Water Rage” Sisters

Rarity of Unicorns: In the Public Market

Direct listing (DL) vs. Initial Public Offering (IPO)

More Accredited Investors

New Milestone for Grown-up SIFs

Eyes on the Feet on the Ground

CHAPTER 3 Global Hunt for Unicorns (Decacorns)

Trillion Dollar Club – SIFs and Unicorns

Unicorn, Decacorn, and Hectocorn

Preferred Investor – China Factors

New Venture Capitalists at Silicon Valley

Learning to Play the Game and Leveling the Playing Field

China: Wild Wild East

London, India, and Rising Innovation Hubs

Canada's Global Footprint

2020 and Beyond

CHAPTER 4 Long-term Capital into Digital Infrastructure

Data to Information to Knowledge

SIFs and Global Infrastructure Gap

What's in a Name?

NIFF – Indian Master of Infrastructure Fund

Network Infrastructure and Data Center

Super Investors in Infra

Smart Global Logistics

November 11 – From Singles' Celebration to Global Festival

Smart Cities – Urban SDG

Silk Road in the Cyberspace

IoT: Financing the Hyper-connected World

CHAPTER 5 Spurring Domestic Digital Transformation

Quest for Additionality: from NPRF to ISIF

Tech Hub in the Desert

Neom City

Innovative SWF Structures in Africa

Digital Africa – the Bigger Story

BongoHive Buzzes with Tech Startups

Short-lived First Unicorn: The Amazon of Africa

When Good Governance Fails, Employ other Methods

The Rise of Strategic Collaboration Rising

Who Are You Calling a “Political Animal”?

CHAPTER 6 Go Early, Go Nimble

The Year WeWork Failed to Work

Temasek: Bumpy Road even for Established Players

The Worst Idea Ever Heard

New Strategy, New Setup

Working on the Railroad

Becoming VC: Early, Nimble, and Portfolio Approach

CIC Hit by Blackstone

From Alpha to Omega

Muscat to Oxford and Back

CHAPTER 7 The Hunt for the Hunting Party

Nantucket Sleigh Ride

Kuwait the First SWF Overseas Office

Chill Out at Work

AlpInvest “Captive” Asset Manager: A Sexier Employer?

OMERs and Oxford Properties

Stepping Out: Singaporean Funds and Canada Pensions

JIC: Don't Try this at Home

The Texas Office of Wrath

Seeding: West Summit and Vision Fund

Stalking the Unicorn Hunters

Diversify and Participate: Building up an Ecosystem

After the Shard

CHAPTER 8 Overseas Expansion and National Security Collide

White Knights, Damsels in Distress, not so Happily Ever after

Not all National Security is the Same

CFIUS Origin: Japan before China

Japan Inc. and the US Reaction

Energy Security, National Security

Critical Infrastructure, Expanded Review

Tightening the Digital Screw

Changing Game for SIF/The CFIUS Review Process for SIFs has Changed

The Many Steps of a CFIUS Foreign Investment Review

The Yellow Peril

Widening the Net

CHAPTER 9 Tech Transactions Snared by Geotech Tension

Tech and Semiconductor Chips

From Hard Tech to Invisible Data

Europe: Germany, UK, France

Israel, Japan: Hard to Balance the Technology Triangle

Playing Both Sides of the Great and Wailing Walls

China–US: Severed Cross-Border Ties

Team Telecom 2.0

Rethinking Going Direct on Tech Investments

CHAPTER 10 Super Asset Owners

Powerful ESG Guardians

Passive Investors, Active ESG

Super Fintech Institutions

Fractured Tech Future

MAD to MAP: Peaceful Diplomacy

Conclusion

Appendix: Table of Abbreviations

Bibliography. Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter 10

Index

WILEY END USER LICENSE AGREEMENT

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Winston Ma and Paul Downs

FOREWORD by

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In Africa, the Kenya and Nigeria sovereign wealth funds are interesting case studies. The government of Kenya introduced legislation in early 2019 to establish a sovereign wealth fund – apparently as a result of the discovery of significant oil fields in 2012. The aim of the legislation is to create a sovereign wealth fund to ensure effective management of the proceeds from oil and other mineral exports. It is early days for the Kenya oil sector and the future of the proposal remains to be seen. Its appearance, nonetheless, reinforces the trend in sub-Saharan Africa – so evident elsewhere – to create sovereign funds to manage resource windfalls and diversify the economy.

Nigeria is the largest economy in Africa, and the Nigerian Sovereign Investment Authority (NSIA), established in 2011, is favorably cited by the IMF as seeking to comply with the Santiago Principles on transparency, good governance, accountability, and prudent investment practices. NSIA consists of three separate, ring-fenced funds representing the three different functions of savings, stabilization, and development (see Figure 1.2), namely: (a) the Fiscal Stabilization Fund, to provide relief to the economy in times of financial stress; (b) the Future Generations Fund, which undertakes growth investments; and (c) the Nigeria Infrastructure Fund, which undertakes investment in domestic infrastructure projects.

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