Strategic Investment Funds

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| Strategic Investment Funds

Fund Managers (AIFMs). Marguerite Investment Management, an independent company owned by senior management, was appointed as the external alternative investment fund manager for Marguerite II. Still a dedicated manager, its legal status now allowed it to market to a broader group of investors across the European Union. 45. Interview with development finance institution professionals, including from the International Finance Corporation and Overseas Private Investment Corporation, that regularly recruit external fund managers. 46. From interviews with IFC Fund of Funds team members. 47. See the Santiago Principles, GAPP 18.2, explanation and commentary (IWG 2008, 21).

REFERENCES ADB (Asian Development Bank). 2012. “Proposed Equity Investment: Philippine Investment Alliance for Infrastructure Fund (Philippines).” Report and Recommendation of the President to the Board of Directors, Project No. 45929, ADB, Manila. https://www.adb.org​ /­sites/default/files/project-document/73632/45929-014-phi-rrp.pdf. Al-Hassan, Abdullah, Michael Papaioannou, Martin Skancke, and Cheng Chih Sung. 2013. “Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management.” IMF Working Paper 13/231, International Monetary Fund, Washington, DC. https://www​ .imf.org/en/Publications/WP/Issues/2016/12/31/Sovereign-Wealth-Funds-Aspects​ -of-Governance-Structures-and-Investment-Management-41046. Alsweilem, Khalid A., Angela Cummine, Malan Ritveld, and Katherine Tweedie. 2015. “Sovereign Investor Models: Institutions and Policies for Managing Sovereign Wealth.” Discussion paper, Center for International Developent and Belfer Center for Science and International Affairs, Harvard Kennedy School, Cambridge, MA. Ambachtsheer, Keith P. 2007. Pension Revolution: A Solution to the Pensions Crisis. New York: J. Wiley. Ammann, Manuel, and Christian Ehmann. 2017. “Is Governance Related to Investment Performance and Asset Allocation? Empirical Evidence from Swiss Pension Funds.” Swiss Journal of Economics and Statistics 153 (3): 293–339. Bachher, Jagdeep Singh, Adam D. Dixon, and Ashby H. B. Monk. 2016. The New Frontier Investors: How Pension Funds, Sovereign Funds, and Endowments Are Changing the Business of Investment Management and Long-Term Investing. London: Palgrave Macmillan. Berle, Adolph A., and Gardiner C. Means. 1932. The Modern Corporation and Private Property. San Diego, CA: Harcourt, Brace & World, Inc. Block, David, and Anne-Marie Gerstner. 2016. “One-Tier vs. Two-Tier Board Structure: A Comparison between the United States and Germany.” Comparative Corporate Governance and Financial Regulation Select Seminar Papers, Penn Law: Legal Scholarship Repository, University of Pennsylvania Carey School of Law, Philadelphia. https://­ scholarship.law.upenn.edu/fisch_2016/1. Clark, Gordon L., and Roger Urwin. 2008. “Best-Practice Pension Fund Governance.” Journal of Asset Management 9 (1): 2–21. Gelb, Alan, Silvana Tordo, and Håvard Halland. 2014. “Sovereign Wealth Funds and Long-Term Development Finance.” Policy Research Working Paper 6776, World Bank, Washington, DC. Gratcheva, Ekaterina, and Nikoloz Anasashvili. 2017. “Domestic Investment Practices of Sovereign Wealth Funds: Empirical Evidence to Inform Policy Debates.” In The New Frontiers of Sovereign Investment, edited by Malan Rietveld and Perrine Toledano. New York: Columbia University Press. IFC (International Finance Corporation). 2012. “IFC Corporate Governance Methodology.” IFC, Washington, DC. ILPA (Institutional Limited Partners Association). 2016. “Quarterly Reporting Standards (Version 1.1).” ILPA, Washington, DC. https://ilpa.org/wp-content/uploads/2017/03/ILPA​ -Best-Practices-Quarterly-Reporting-Standards_Version-1.1_optimized.pdf.


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References

17min
pages 296-303

Notes

2min
page 295

Staffing and recruitment

2min
page 292

Investment strategy

2min
page 284

Portfolio and track record

2min
page 285

13.2 NSIA-NIF core governance bodies

6min
pages 289-290

Mandate for investment

2min
page 283

12.2 Summary of NIIF Limited’s governance bodies

3min
page 277

Legal structure

2min
page 282

Background and mission

1min
page 281

Governance

2min
page 275

Additionality and multiplier considerations

2min
page 274

12.2 NIIF’s Master Fund structure

4min
pages 272-273

12.3 NIIF’s governance structure

2min
page 276

12.1 NIIF’s anticipated fund size and investors at time of writing

5min
pages 270-271

12.1 NIIF structure

4min
pages 268-269

11.1 Key features of the Luxembourg SCSp

2min
page 264

11.4 Marguerite’s ESG assessment throughout the investment process

4min
pages 265-267

11.3 Summary of Marguerite II’s core bodies and functions

2min
page 263

impact report

4min
pages 246-247

10.6 ISIF Irish Portfolio risk categories

11min
pages 248-252

11.1 Marguerite II’s eligible sectors

6min
pages 257-259

10.4 ISIF investment decision process

1min
page 245

10.4 Summary of ISIF’s governance bodies

2min
page 244

10.1 Structure of NTMA and ISIF

4min
pages 236-237

December 31, 2018

7min
pages 238-240

writing

4min
pages 227-228

9.2 Summary of FONSIS governance bodies

3min
page 229

9.4 FONSIS organizational structure

12min
pages 230-235

9.1 FONSIS’s solar investments

2min
page 223

8.3 Summary of ACP’s governance bodies

2min
page 214

References

6min
pages 202-206

8.1 Breakdown of ACP’s committed capital, by source

1min
page 208

Notes

2min
page 201

7.1 Financial reporting standards of select SIFs B7.7.1 Comprehensive sample of metrics disclosed in ISIF’s economic

2min
page 197

7.6 Core components of disclosure for a strategic investment fund

1min
page 196

mechanisms of disclosure

2min
page 195

Unique features of the transparency and disclosure framework for SIFs

2min
page 198

Legal and regulatory context

2min
page 192

Linaburg-Maduell Transparency Index for SWFs

2min
page 191

guidelines

2min
page 190

Key takeaways

2min
page 200

Introduction

1min
page 185

Global transparency and disclosure requirements

2min
page 186

principles for SWFs

5min
pages 187-188

Investment Fund Managers

2min
page 189

References

2min
pages 182-184

6.7 Investment exit: The case of Marguerite

2min
page 180

The NSIA-NIF example

2min
page 172

6.2 FONSIS: Originating investment opportunities as a project developer

2min
page 173

6.6 Exercising active ownership

2min
page 178

Investment exit

2min
page 179

6.2 NSIA-NIF investment evaluation process and responsibilities

2min
page 175

Investment origination

2min
page 171

6.1 Phases of the SIF’s investment process

1min
page 170

References

3min
pages 167-168

Introduction

1min
page 169

Notes

9min
pages 164-166

Risk management framework: Key concepts Components of the risk management framework

5min
pages 157-158

and key actors

7min
pages 160-162

Key takeaways

2min
page 163

5.4 Investor protection provisions in shareholder agreements

8min
pages 154-156

infrastructure SIFs

7min
pages 150-152

5.1 Investment policy–related guidance within the Santiago Principles

5min
pages 142-143

Components of the investment policy

10min
pages 145-148

Key actors in the investment management framework

2min
page 144

References

3min
pages 138-140

4.7 Typical terms of a limited partnership agreement

6min
pages 133-134

4.5 Indicative RFP content for external manager selection

2min
page 131

4.7 Recruiting an external manager for a SIF: PINAI

5min
pages 129-130

4.6 Staffing the NIIF

2min
page 128

equivalent structure

10min
pages 124-127

4.4 SIF board functions

11min
pages 120-123

Key decision-making bodies and their functions

5min
pages 108-109

Authority

5min
pages 111-112

4.2 Public sponsor ownership functions in a SIF

8min
pages 113-115

4.3 Definition of an independent board member

2min
page 116

4.4 Safeguards for government representatives on SIF boards

2min
page 117

Introduction

1min
page 105

References

5min
pages 101-104

Notes

6min
pages 99-100

Private agreements in setting up a SIF Applicability of other domestic, supranational, and

2min
page 90

3.7 National security legislation: The US example

3min
page 97

3.9 Other laws affecting SIF cross-border activities

3min
page 96

3.6 Legal structure and domicile for a variety of SIFs

2min
page 88

3.5 Most popular domiciles

2min
page 89

3.5 Examples of legal structures used by global SIFs

2min
page 86

3.4 SIFs formed entirely under commercial law

5min
pages 84-85

3.3 Common features of primary SIF legislation: Operational elements

7min
pages 81-83

3.3 Specifying the transfer of state assets into a SIF with the SIF law

2min
page 78

FONSIS

5min
pages 76-77

References

5min
pages 68-70

Notes

6min
pages 66-67

Introduction

1min
page 71

3.1 Santiago Principles: Key legal principles for SWFs

2min
page 72

2.6 Preliminary study for the Green Investment Bank, United Kingdom

3min
page 64

Preparatory studies to establish a SIF

2min
page 63

Limitations of a SIF

2min
page 59

Macrofiscal implications of a SIF

2min
page 57

2.4 Santiago Principles and macroeconomic implications of SWFs

2min
page 58

Challenges to establishing a SIF

2min
page 60

managers

2min
page 56

Issues to consider before establishing a SIF

2min
page 62

2.7 Illustrative list of strategic alliances between global SIFs and SWFs

2min
page 53

funds

2min
page 61

Double bottom line mandate

2min
page 45

2.4 SIF mandates, examples from case studies

2min
page 46

SIF ownership and management models

2min
page 42

2.5 Managing the DBL

2min
page 47

2.6 The additional value of SIFs: Case study examples

5min
pages 50-51

Structure

2min
page 34

2.2 Palestine Investment Fund

2min
page 52

Context

1min
page 27
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