The Hunt for Unicorns
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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
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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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