SWF Radar BVCA

Financial News reports (subscription required) that, “Dubai International Capital has become the first Middle Eastern firm to become a member of the British Private Equity and Venture Capital Association [BVCA] in a move that could lead to a flow of state-backed firms joining the UK trade body.”

The Telegraph reports that, “The British Venture Capital Association (BVCA) is to send a senior delegation to the Gulf state of Qatar this month to ask Middle Eastern sovereign wealth funds to sign up to Sir David Walker’s code on private equity transparency.”

The Sunday Telegraph writes that, “Simon Walker, chief executive of the British Private Equity and Venture Capital Association [BVCA] described the [Californian] bill [designed to distance the state’s public pension funds from private equity firms involved with SWFs] as ‘deplorable’ but said if passed, it would present a great opportunity for Britain to steal the US mantle as the favoured destination for SWF money.”

The article adds that, “The legislation would bar investments in private equity firms with links to countries that have failed to sign up to five of the six UN treaties on human rights. However, noting the ‘shabby and ill thought out’ bill, Mr Walker said that the US itself had signed up to only three of them. Although countries such as the UAE and Singapore did not meet the criteria, countries such as Sudan, Cuba and Zimbabwe - with arguably far worse human rights records - did.”