CalPERS Invests $75 Million in Thailand Equity Fund.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Oct. 29, 2001 The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System (CalPERS) today announced it has made a $75 million investment in a newly established Thailand Equity Fund that will begin making private equity investments in large Thai companies This is a list of major companies based in Thailand. Please note that the list is incomplete and does not have thousands of companies of different sizes. Links should only point to the Wikipedia article, and not to a webpage URL. early next year. The fund, which received support last week from Thailand's Ministry of Finance, is expected to make private equity investments in well-established, competitive Thai companies that require additional capital for growth and expansion. It will consider investments in manufacturing, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , media, energy and power, services, consumer products, hospitality, and food, among others. "Asia's economic crisis has created an unprecedented investment opportunity," said William D. Crist, President of CalPERS Board of Administration. "This fund will allow us to participate in the renewed growth of Thailand's leading enterprises while securing a good long-term investment for our members." The Thailand Equity Fund is being sponsored by San Francisco-based Lombard Investments, Inc. and the World Bank's International Finance Corporation (IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ). Thailand's Finance Ministry will invest approximately $30 million in the fund and is being joined by a $50 million investment from 13 members of the Thai Bankers Association, a $10 million investment from the Industrial Finance Corporation of Thailand, and $5 million each from the Government Pension Fund and the Government Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. . Other foreign investors in the fund include a $37.5 million investment from the IFC and a $25 million investment from the Asian Development Bank Asian Development Bank A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. . The fund is expected to reach $250 million and will only make investments in companies that agree to comply with Government of Thailand and IFC environmental and social policies, including high standards of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. . "Thailand has excellent investment promise for the future," said Michael Flaherman, Chair of CalPERS Investment Committee. "We are confident in the Asian economy and believe the Government of Thailand and this new fund play an important role in building a new global financial architecture for Asia." CalPERS is the nation's largest public pension fund with assets totaling approximately $151 billion. The System provides retirement and health benefits to more than 1.2 million State and local public agency employees and their families. For further information about CalPERS, please visit the System's web site at www.calpers.ca.gov. |
|
|||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion