SOVEREIGN WEALTH FUNDS AND PRIVATE EQUITY

Transcription

1 SOVEREIGN WEALTH FUNDS AND PRIVATE EQUITY ABSTRACT By Caroline Nowacki and Ashby Monk, PhD. Global Projects Center, Stanford University August 2017 Historically, sovereign wealth funds (SWFs) have held portfolios primarily made of public equities and debt. However, in the last ten years, they have diversified to increasingly include alternatives and notably private equity. 61% of SWFs now hold some private equity in their portfolios. Together, SWFs held 17% of all global assets in private equity in 2016, compared to 9% in Reasons for this growing interest include the relatively low returns from traded stocks and sovereign debt, and the growing sophistication of some funds, now creating special accounts with private managers, or even bypassing them and sourcing their own deals. Many large funds are also using private equity to both diversify their portfolios and develop their domestic countries. The trend is indeed toward an increase in bilateral deals where investments support the development of targeted industries in both participating countries. CONTENTS Characterizing private equity... 1 The growing interest of sovereign wealth funds for private equity... 2 SWFs several paths to private equity... 4 Investing through private equity funds... 4 Case study: The Alaska Permanent Fund Corporation (APFC)... 5 Strategic co-investments in private equity... 6 Case Study: Bahrain s Mumtalakat... 6 Bi-lateral agreements... 8 Funds created to co-invest domestically with foreign sovereign investors... 9 Conclusion Appendix: Schematics of the holding structure of Italy s CDP Equity... 13

2 CHARACTERIZING PRIVATE EQUITY Sovereign wealth funds (SWFs) have historically invested most of their assets in a balanced portfolio of public equities and fixed income, primarily in developed markets. This strategy is aligned with the most common missions they hold: diversification and stabilization of their domestic markets. However, since the 2009 global financial crisis, fixed income assets have yielded low returns, and public equities in developed markets have proved very volatile. Already in 2012, 52% of SWFs held private equity assets in their portfolios. i Five years later, SWFs assets under management have doubled and 61% of SWFs hold private equity, an all-time high. ii Private equity offers diversification within SWF s investment portfolios. It can also bring larger returns over the long-term and less short-term volatility than public equities. However, it is also less liquid, less transparent, and costlier due to high management fees or the need to build in-house expertise. Nevertheless, the increased sophistication of some funds, their need to get higher returns in a slowgrowth environment, or their strategic mission can explain the sustained interest from SWFs for the asset class. Private equity investors buy shares of companies that are not listed on the stock market. For a growing company, listing comes only after a certain threshold of development, and investing in private equity is often a way to get more returns by supporting the growth of a company until it issues public stocks (and increase the value of the shares bought as private equity). Over the past few years, private equity has performed better than public equities, 3 to 5% more returns on average after fees. But they come with three challenges: 1. lack of transparency, 2. less liquidity, and 3. high fees. Indeed, stock market listing comes with regulatory obligations of transparency toward investors, notably through professional and independent auditing. The same is not required of private equity. Private equity is also less liquid than public equities: selling and buying stocks takes less time when using the stock market. However, buying through a private equity fund can improve the liquidity of the investment. However, funds come with hefty management fees, usually 2% on assets and 20% on profits. This fee structure is particularly problematic because it can create a misalignment with the long-term mandate of sovereign investors. Indeed, the 20% on profits are achieved when the private equity shares are sold. Many funds will then tend to exit relatively quickly to maximize their profits, and show good returns to raise money for their next fund. The sale cycle has tended to be shorter and sales are increasingly from one private equity fund to another: more than 50% of the funds sales in the first quarter of 2017, compared to ~30% in iii 1

3 Private equity funds have also attracted more capital: + USD 600 billion in However, they are also struggling to invest this money according to their risk-return requirements. In 2016, USD 1.5 trillion sat in these funds waiting to be invested. More and more, venture capitalism (early investment in start-ups) is also included in the private equity asset class, although it is riskier and often requires specific skills and contacts to help the start-ups grow rapidly. SWFs have started opening offices in Silicon Valley to partner with or invest in Silicon Valley venture capital funds. Some also invest in domestic venture capital funds such as Bpi France, investing in the VC funds Fonds Européen des Matériaux and CapAgro Innovation. iv THE GROWING INTEREST OF SOVEREIGN WEALTH FUNDS FOR PRIVATE EQUITY SWFs have accounted for a growing share of the total institutional investor capital in private equity: 17% in January 2016, compared to 9% in January 2013 v. They are now important clients of private equity funds, with the power to co-invest with them instead of contributing to funds, and even to bypass them. Indeed, investor clubs and bilateral partnerships are an increasingly popular way for the largest funds to access private equity deals. SWFs exposure to private equity is correlated with the size of SWFs assets under management. In 2016, only 20% of the SWFs with less than USD 1 billion under management held private equity. All SWFs holding between USD billion had an exposure to private equity, while 89% of SWFs over USD 250 billion held private equity. vi Figure 1: Proportion of Sovereign Wealth Funds investing in Private Equity in 2016 (Source: Prequin Sovereign Wealth Funds Review 2016) Proportion of SWFs investing in Private Equity in % 89% 65% 64% 45% 20% less than USD 1 bn USD 1-9 bn USD bn USD bn USD bn USD 250 bn or more Indeed, Norway s SWF, a giant of USD 1 trillion in assets vii, was prohibited to invest in this asset class by its mandate. However, Norway s finance ministry recently (April 2017) declared considering a change that could enable the SWF to invest in private equity. viii 2

4 SWFs country of origin also counts. None of the Latin American SWFs invest in Private Equity today. These are also among the most recent and smallest funds. Panama s Fondo de Ahorro, created in 2012 to collect and manage future proceeds from the Panama Canal, reported it would consider Private Equity once it grew above 4% of Panama s PIB. ix Middle Eastern and Asian funds account for the largest share of SWFs investing in Private Equity. This can be explained by the large size of their assets under management, and the fact that many of these funds were transferred shares of state-owned enterprises, previously held by Finance ministries. Many SWFs in these regions also have a mission of development of their local economies, which is often achieved through private equity investments. Figure 2: Sovereign Wealth Funds Investing in Private Equity per Location (Source: Prequin Sovereign Wealth Funds Annual Review 2016) Sovereign Wealth Funds Investing In Private Equity per Location in % 29% 14% 10% 10% 5% North America Europe Middle East & Israel Africa Asia Australiasia Strategic funds are increasingly popular, and not only in developing countries. Europe also has several of these funds co-investing with SWFs in domestic private equity, notably Italy s CDP Equity (previously Fondo Strategico Italiano, established in 2011), and France s CDC International Capital (established in 2014). Historically, SWFs have put Europe and North America at the top of their list for private equity investments. In 2016, a Prequin survey showed that 79% SWFs gaining exposure to this asset class indicated Europe as their preferred location, compared to 65% for North America. However, Brexit seems to have put North America ahead of Europe. x 60% of SWFs also invest in emerging markets private equity, while just above 50% of them invest in private equity in the middle-east. xi The development missions of SWFs in the middle-east can explain this high share of investment in private equity in the region. 3

5 A study xii of 19 SWFs private equity investments between 1990 and 2010 showed that historically, SWFs have been more likely to invest in public equity than in private equity when investing internationally. However, they were bolder at investing in international private equity than other institutional investors. They also invested more private equity than public equity in countries with less good investor protection, contrary to the average institutional investor. Even though SWFs have seemed to invest more overall with culturally-close countries xiii, this does not seem the case for private equity. In the study mentioned above, weak political relations with a country came with an increased probability for a SWF to invest in private equity rather than public equity. xiv SWFS SEVERAL PATHS TO PRIVATE EQUITY We can distinguish at least two very different paths to private equity for SWFs. These are intimately linked to their history and missions. Indeed, SWFs with a capital maximization or stabilization role hold most of their assets in public equities and debt. They more recently moved into private equity to diversify their portfolios and benefit from higher returns in a low-growth environment. On the other hand, SWFs that were created to manage state-owned enterprises directly started as de facto private equity holders. These funds, often categorized as developmental or strategic, are primarily located in the Middle East and South-East Asia. They have expanded their activities toward co-investments with preferred partners in foreign countries. Finally, some SWFs or subsidiaries of SWFs were created for this same goal of co-investing in private equity to develop domestic companies in foreign markets, and/or attract foreign long-term capital in domestic economies. These two activities increasingly come together in bi-lateral partnerships. We examine these strategies in detail below. INVESTING THROUGH PRIVATE EQUITY FUNDS SWFs that have primarily been investing on the stock market and who need liquidity are still likely to invest in private equity funds if they decide to invest a share of their portfolio in this asset class, notably to try to increase financial returns. However, investing alongside fund managers, but using a separate, exclusive account has become increasingly popular, and possible thanks to the large amounts they can invest. Nearly half (47%) of SWFs declared their preference for investing alongside an experienced fund manager. Indeed, this option gives SWFs access to quality private equity assets, portfolio diversification, but also more knowledge and control over the assets included in the fund, and faster deployment of capital. Separate accounts also guarantee alignment between the fund managers and the SWFs long-term horizon and specific missions. SWFs have more control over when to exit the investment, and even check for social and environmental criteria, for which there is an increasing pressure from populations. 4

6 The Alaska Permanent Fund Corporation (APFC) uses such separate account structure with private fund managers as their preferred investment vehicle for private equity. This structure is based on a collection of private funds, each managing a small fund exclusively for the APFC, according to the APFC s investment guidelines. The fund managers are required to send proof of alignment with APFC s guidelines before making any investment. The trend for all institutional investors in private equity funds is to spread their investment across an increasing number of funds, and to use more specialized funds, which have shown better performance than generalist funds xv. Case study: The Alaska Permanent Fund Corporation (APFC)xvi The APFC is a semi-independent organization from the State in charge of managing a fund where at least 25% of all revenues coming from mineral and oil state resources are deposited. The APFC is a saving funds for future generations, with a portion that can be spent by the state government. The USD 58.8 billion fund has a target asset allocation to private equity of 11% of its portfolio. Its investment policy details that the private equity portfolio should be invested for diversification, and ensure a quality of investment acceptable to other prudent institutional investors. No more than 20% of the private equity portfolio can be invested with a single fund manager. The investment principles xvii specify the types of investment considered private equity: 10-30% of the portfolio is to be invested in venture capital partnerships; 40-70% of the portfolio should be invested in buyouts/acquisition partnerships targeting a business or product line; and 0-40% of the portfolio is reserved for special situations such as hybrid partnerships, industry-specific funds, subordinated debt, and restructuring/recovery of poorly performing companies. The investment principles also detail the model of co-investment alongside a fund manager, called separate account investment structure and declared as the preferred ownership structure for private equity. In this model, the APFC holds several accounts, each established with a fiduciary oversight manager also called gatekeeper. This gatekeeper makes commitment to private equity limited partnerships, limited liability companies, or group trusts for APFC on a discretionary basis. Each gatekeeper submits an annual review and plan that must be approved by the chief investment officer. They also send a priori notifications outlining program compliance for each investment. The board must approve any investment that would not be a limited partnership, limited liability companies, or group trusts. Despite concerns over misalignment and principal-agent problems, using an external manager has also presented advantages for SWFs. Indeed, SWFs stay closely linked to their nation states, which raises fears regarding their real intentions when they behave as active owners in foreign companies. 5

7 As private equity s core value proposition is to increase returns through superior representation in the acquired firm, SWFs need to find adequate partners to play this role for acquired companies, as a guarantee that their actions as shareholders are in the company s best interest. Delegating to a private asset manager can increase the host country s confidence that decisions are made to improve the financial situation of the controlled companies. A specialized manager also benefits from the legitimacy that comes with their industry-specific knowledge xviii. Nonetheless this partner needs not be an established asset manager and SWFs have also developed co-investments with other SWFs as another method to gain this legitimacy and knowledge. STRATEGIC CO-INVESTMENTS IN PRIVATE EQUITY Private equity is a vehicle of choice for SWFs with the mission to develop their countries economy. SWFs that were formed as holding companies, in charge of managing state-owned enterprises to improve their profits, were de facto holding them as private equity in their overall portfolio. Some of the largest SWFs in the United Arab Emirates (e.g. Mubadala and Mumtalakat), Singapore (Temasek), Malaysia (Khazanah), were created in this manner. The result is a higher share of direct domestic investment compared to foreign investment in these countries xix. Historically, these SWFs often depoliticized state-owned companies and emphasized good governance and modernization to increase companies competitiveness and profits. They have also increasingly supported foreign direct investments in their domestic markets through co-investments. More recently, they increased their international presence and co-invested in foreign countries private companies alone or in partnership with a local SWFs. In parallel, funds dedicated to co-investments for development were also created more recently in France, Italy, Ireland and Russia. They have been successful at attracting foreign direct investments in private equity via general and industry-specific bilateral deals. We focus below on a few examples of direct investment in private equity and strategic partnerships. Case Study: Bahrain s Mumtalakat Mumtalakat was created as an independent holding company by royal decree in 2006 to hold and manage the Bahrain governments stakes in non-oil and gas commercial assets. The fund seeks to invest in commercially sound and sustainable opportunities locally, regionally and internationally xx. Private equity is at the core of Mumtalakat s investment strategy. The fund holds stakes in 40 commercial companies spanning a variety of sectors, and significant exposure to industrial manufacturing, aviation, telecommunications and financial services. Mumtalakat s preferred strategy is to become a significant minority shareholder in growing companies with strong management teams and effective governance systems (with a strong focus on western Europe and north America). Finally, they prefer an active role and investment where their expertise can make a difference. 6

8 They also favor co-investing to reduce risk and benefit from market and industry expertise as well as geographic presence. For example, in July 2016, they acquired a significant minority stake in Envirogen, a specialized water treatment company based out of the UK. The investment was completed with European investors Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II xxi. Mumtalakat declared advantages for the deal were their long-term horizon and presence in the gulf cooperation council to support the company s expansion in the Middle East. In the words of Joseph Kirikian xxii, Head of Industrials & Services Group, Private Equity at Mumtalakat, Mumtalakat brings four core values to investees: 1. Long-term investment horizon that helps business reach their full potential 2. Far reaching network access and relationships 3. Interest in minority stakes vs. buyout 4. Financial capacity As an example, M. Kirikian cited Mumtalakat s long-term commitment to McLaren. Mumtalakat has been an investor in McLaren (automotive and group) for 10 years, continuously investing in the company to help it grow. However, the investment is also strategic for Bahrain: Mumtalakat supported the expansion of McLaren in the Middle East through partnerships with companies expanding their operations in Bahrain. Mumtalakat also helped structure investments in joint ventures in Bahrain, taking an active role in accelerating regional business development activities. M. Kirikian underlined that a partnership with a local, reputable SWF gave these companies the access required to effectively enter the market. Mumtalakat therefore structure their investments to support the development of local industrial ecosystems in Bahrain. This is the case for aluminum as well. Mumtalakat s largest portfolio company is ALBA (aluminum Bahrain). Mumtalakat also invested in Aleastur, an aluminum grain refined based in Spain and established a relationship between the two companies. This led to Aleastur getting access to land near ALBA s smelter in Bahrain to create a local supply chain, supporting the development of the aluminum cluster in Bahrain. In turn, it enabled Aleastur to expand its operations in the gulf region. This model is not unique to Bahrain. It is used in a very similar manner by other SWFs from the UAE and Qatar and with slight variations in China and South-East Asia. It can also be used to target industries that are deemed strategic to reduce a country s resource dependence. 7

9 Bi-lateral agreements Increasingly, SWFs investing directly in private equity are weaving a network of platforms, memorandums of understanding, and joint ventures with each other to co-invest in specific industries and locations. Bi-lateral agreements to invest in a foreign country can serve three purposes, often concurrently: 1. Invest in another country and therefore diversify the SWF s portfolio geographically 2. Invest in an industry in which the SWF has knowledge and owns potentially complementary companies. These companies can work together to grow their business and the local economies 3. Invest in an industry whose product is rare in the domestic economy, and for which the country relies on imports. Investing in such an industrial system can help secure access to this resource or product By partnering with several other SWFs or large companies, a SWF can create a global alliance of critical importance to national developmental efforts. Through their SWFs, state with weak global regulatory or military power can access necessary resources and allies to pursue national economic and power ambitions and insert their national economies in a global production network xxiii. Investments by the UAE s SWFs in the aerospace industry is a good example of the construction of an ecosystem portfolio. The UAE are a hub for flights and a large client of the aerospace industry. Knowing the strategic role of this industry, UAE SWFs have started acquiring stakes in companies that sell them aircrafts, such as EADS, the parent company of airbus. They have also tried to develop the local industry around aircraft manufacturing. For example, Mubadala acquired a 35% in Piaggio Areo, an Italian Manufacturer of private jets. They also have a global partnership with General Electric, through which they can have access to technology and a global market reach in exchange to a commitment to being a long-term top-ten shareholder. The network of minority stakes in complementary companies reinforces trust and shared interest in the context of the strategic partnerships. Figure 3 shows the network of participation in companies in the aerospace industry in For companies that have seen long-term capital dry up in the wake of the global financial crisis, SWFs can be white knights, becoming long-term anchor investor as an alternative to capital market volatility and buyouts, as well as state protection and patronage in new markets. However, as we mentioned before, foreign ownership in strategic domestic companies can be threatening, which can explain in part the rise of SWFs dedicated to co-investing domestically with foreign SWFs. We describe these funds in the next part. 8

10 Figure 3: Network map of the Gulf Cooperation Council aerospace sector (created by Daniel Haberly, published in Environment and Planning A in 2010) Funds created to co-invest domestically with foreign sovereign investors We describe three funds created in the last 10 years in developed countries to facilitate foreign direct investments, the Russian Direct Investment Funds, Italy CDP Equity and France s CDC International Capital. All three rely on co-investments, and have worked to develop partnerships with SWFs and companies that can provide long-term capital to domestic companies. Their strategies differ in terms of sectors targeted, support to the internationalization of companies receiving investment, and numbers and depth of partnerships. Italy s CDP Equity CDP Equity was created in 2011 as the Fondo Strategico Italiano and changed its name in The key event spurring the creation of the fund seems to have been the sale of Parmalat, an Italian national champion, to the French group Lactalis, in the absence of any Italian company or investor willing to buy Parmalat after its bankruptcy. 9

11 CDP Equity was created the same year to boost the Italian economy by investing equity capital in companies of major national interest xxiv. Its investments have targeted companies with the possibility to expand and compete internationally, including through acquisitions. CDP Equity holds both majority and minority positions in these companies. Though CDP Equity s mission is to invest in Italy, it did submit a bid for the Spanish olive oil company Deoleo through its IQ joint venture with Qatar. CDP Equity established joint ventures with 2 SWFs to invest in Italian companies: 1. With Kuwait Investment Authorities, they created the company FSI Investimenti, owned at 80% by KIA, and 20% by CDP equity, and endowed with 2 billion euros. 2. With Qatar Holding, they created IQ Made in Italy with the purpose of encouraging the consolidation of Italian brands in the sectors of food and food distribution, fashion and luxury goods, furniture and design, leisure, and tourism and lifestyle. CDP Equity s investment perimeter is also sectorial and targets the following 12 broad industries: 1. Food and food distribution 2. Insurance and financial brokerage 3. Cultural and artistic heritage 4. Communications 5. Defense 6. Energy 7. Infrastructure 8. Public Services 9. Research and Innovation 10. Security 11. Transportation 12. Tourism and Hospitality France s CDC International Capital CDC International Capital was established in 2014 as a subsidiary of CDC to attract long-term foreign capital into French companies, infrastructure and real estate through co-investments with foreign SWFs. CDC International Capital also invest with partners abroad to assist French companies in their international development. CDC International Capital currently has seven co-investment partnerships through joint ventures and participation in platforms. Its investment partners are: 1. RDIF (Russia) o France and Russia would both bring 300 million euros to invest in both French and Russian companies 2. Kingdom Holding Company (Ryiad, Saudi Arabia) o An agreement signed in 2015 aims at letting large French companies (Axa, Eiffage, Orange, Suez, etc.) buy shares in the kingdom holding company to increase their legitimacy in Saudi Arabia o KHC and CDC IC also created a shared subsidiary managed by Five Capital Advisors to invest in French companies projects in Saudi Arabia and the Gulf region 10

12 3. Qatar Investment Authority (Qatar) o They created a partnership called Future French Champions since 2014 to invest in French companies with large potential for growth 4. Mubadala (Abu Dhabi) 5. CIC Capital (subsidiary of China Investment Corporation for direct investment) o Co-investments in real estate and infrastructure in the Greater Paris region o Chinese-French fund to support French and Chinese companies investing in another country (1/3 for Africa, 1/3 for Asia, and 1/3 for the rest of the world) 6. Korea Investment Corporation (South Korea) o CDC IC will co-invest as a minority investor with KIC 7. CROSAPF: Co-investment Roundtable of Sovereign and Pension Funds o CDC IC is part of this co-investment platform based in South Korea Contrary to CDP Equity, CDC IC does not have declared preferred industries. Russia Direct Investment Fund (RDIF) RDIF was created in 2011 to co-invest alongside top global investors, acting as a catalyst for direct investment in Russia. RDIF has invested and committed for this purpose over 1 trillion rubles, of which RDIF alone invested over 100 billion and 900 billion came from co-investors, partners and banks. RDIF also attracted over $30 billion of foreign capital into the Russian economy through long-term strategic partnerships. If RDIF commits to invest in other countries through partnerships such as the one with France s CDC IC, their main focus is really to attract private equity in Russia. Their business model is based on creating a broad base of partnerships with SWFs but also private funds and companies from around the world. They boast no less than 24 partnerships, including with 10 SWFs from China, South Korea, France, Italy, India, Abu Dhabi, Saudi Arabia, Bahrain, Kuwait, and Qatar; as well as with state-owned banks or private companies from China, India, Vietnam, Turkey, Japan, Egypt, and Armenia. They declare investing in the following sectors: 1. Industrials 2. Infrastructure 3. Healthcare 4. Finance 5. Power generation 6. Consumer 7. IT and Hi-Tech These examples show that SWFs have been developed in Russia and Europe to attract foreign direct investments into domestic companies needing long-term capital and/or ways to expand internationally. These funds complement SWFs from the UAE and South-East Asia looking to invest in complementary/nationally important sectors and to attract promising companies to develop their activities in their local economies. 11

13 CONCLUSION SWFs are already substantial investors in private equity and their presence in this space is increasing through several different strategies. Indeed, private equity has helped SWFs with a goal of stabilization and capital maximization to get access to higher returns and portfolio diversification. For these funds that make up most of today s SWFs, the preferred access to private equity is through private funds. Some SWFs overcome the traditional barriers of lack of transparency and alignment through private accounts and sourcing of managers, which gives SWFs more control over their investments. Larger SWFs are more likely to invest in private equity. Indeed, more than 50% of funds with more than USD 10 billion under management invest in private equity. SWFs from Asia and the Middle East are the largest investors in private equity. These funds often have a development missing. Beyond investing in private equity funds, their preferred investment strategy is using bilateral partnerships and direct investment. Indeed, many SWFs are now connected in a network of agreements to invest in specific industries or locations together. Specifically, we saw that these partnerships enable SWFs to diversify their portfolios by investing in developed countries growing or core industries, and to develop their domestic economies by fostering the development of these companies in their home countries. For the investee companies, SWFs bring a long-term horizon, a far-reaching network supporting their international development and an alternative to buyouts for their growth. Co-investment between a foreign and a domestic SWF also mitigates the threat of a hostile takeover from a foreign investor. 12

14 APPENDIX: SCHEMATICS OF THE HOLDING STRUCTURE OF ITALY S CDP EQUITY (source: CDP Equity s website) 13

15 i Prequin Sovereign Wealth Funds Review 2012 ii Prequin Sovereign Wealth Funds Review 2017 iii Christopher Schelling. iv Prequin Sovereign Wealth Funds Review 2016 v Prequin Sovereign Wealth Funds Review 2016 vi All statistics about shares of SWFs investing in PE by AUM from Prequin, vii viii ix Prequin Sovereign Wealth Funds Annual Review 2016 x Prequin Sovereign Wealth Funds Review 2016 xi Prequin Sovereign Wealth Funds Review 2016 xii Johan, S. A., Knill, A., & Mauck, N. (2013). Determinants of sovereign wealth fund investment in private equity vs public equity. Journal of International Business Studies, 44(2), xiii Chhaochharia, V., & Laeven, L Sovereign wealth funds: Their investment strategies and performance, Working Paper, University of Miami and International Monetary Fund xiv Prequin Sovereign Wealth Funds Review 2016 xv xvi xvii Alaska Permanent Fund Corporation s investment principles. Available at xviii xix 20EM.pdf xx Mumtalakat s website. Retrieved on 8/17/ xxi xxii xxiii Haberly, D. (2011), Strategic sovereign wealth fund investment and the new alliance capitalism: a network mapping investigation, Environment and Planning A. xxiv CDP Equity website. Retrieved on Aug. 18 th