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Winston Ma - The Hunt for Unicorns

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Название:
The Hunt for Unicorns
Автор:
Winston Ma
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unrecognised / на английском языке
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неизвестен
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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 (“
”).
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”.

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8 Chapter 8Figure 8.1 Mixed Investment and International RelationsFigure 8.2 CFIUS Member AgenciesFigure 8.3 Two CNOOC Bids, Different OutcomesFigure 8.4 Dubai Ports World and US PortsFigure 8.5 Australia Transgrid's Winning BiddersFigure 8.6 The TID Focus of CFIUSFigure 8.7 The Many Steps of CFIUSFigure 8.8 CFIUS Excepted Foreign StatesFigure 8.9 CFIUS Review of Japan/China/Italy Transaction

9 Chapter 9Figure 9.1 From Mobile Economy to Digital Economy InvestmentsFigure 9.2 The TID Focus of CFIUSFigure 9.3 Japan and China's Bids for FairchildFigure 9.4 The Chain of Ownership and Control of Canyon BridgeFigure 9.5 PII Transactions Undone by National Security ReviewFigure 9.6 Bytedance Ring-fenced Data for CFIUSFigure 9.7 The Bid for AixtronFigure 9.8 Ownership of 50Hertz before IFM Stake SaleFigure 9.9 Ownership of 50Hertz after IFM Stake SaleFigure 9.10 Israel Balancing US–China RelationshipsFigure 9.11 The Formation of Japan DisplayFigure 9.12 JDI Bailout Plan with China–Taiwan ConsortiumFigure 9.13 The Pacific Light Cable NetworkFigure 9.14 The Team TelecomFigure 9.15 SIFs/Host Countries Clash on Tech InvestmentsFigure 9.16 GIC Money Not Wanted HERE

10 Chapter 10Figure 10.1 GIC's ODE Framework.Figure 10.2 Multiple GIC Units Focusing on Business TransformationFigure 10.3 Blockchain-based Level Governance ModelFigure 10.4 Temasek Present at Innovation on Both SidesFigure 10.5 5G-powered iABCDFigure 10.6 New SIFs of US for 5GFigure 10.7 The US–China Circle of DollarFigure 10.8 SIFs Projecting New Geopolitical PowerFigure 10.9 From MAD to MAP

Guide

1 Cover

2 Table of Contents

3 Begin Reading

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The Hunt for Unicorns

HOW SOVEREIGN FUNDS ARE RESHAPING INVESTMENT IN THE DIGITAL ECONOMY

Winston Ma and Paul Downs

FOREWORD by

Margaret Franklin, CFAPresident and CEO, CFA Institute

Russell Readformer CIO, CalPERS, GIC-Kuwait, and APFC

Ajay RoyanCo-founder with Peter Thiel of Mithril VC Funds

The Hunt for Unicorns - изображение 1

This edition first published 2021

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions.