Monaco : Sovereign Wealth Fund


Monaco has announced the creation of the Monaco Investment Corporation (MIC) which will be managed by Scepter Partners, a new international sovereign direct investment corporation. The objective of the investment programme is to acquire controlling interests in leading companies across the globe.

MIC will initially lead an investment programme seeking investment opportunities n financial institutions and natural resources, before broadening the scope of its investments into other targeted business sectors over time. The primary intention is to work with global financial institutions that have committed activities to Monaco.

It is the intention that MIC will invite certain selected families and individuals, who are residents or friends of Monaco, though the principal investors are likely to be other sovereign funds and institutional investors.

Scepter Partners is an investment syndicate and merchant bank with offices in New York, Hong Kong and Monaco where it is in the process of re-locating its global headquarters. Scepter  was founded by the financier Rayo Withanage, with the support of leading Asian and Gulf families. It had an initial investment of USD14bn overseen by an investment committee comprising recognised leaders of the international finance and investment industry.

Speaking at the announcement of the MIC investment, HSH Prince Albert II of Monaco stated:

“The Monaco Investment Corporation will change the way sovereign wealth and private investors engage with large cap investments globally. The founders of Scepter and I have both reaffirmed our commitment to back this institution and we will proactively use our capital and relationships for its success. We believe in the financial initiatives and strong leadership of Scepter and we are confident that the MIC will grow into an institution for which we can all be very proud.”

Rayo Withanage added that Scepter is “… dedicated to thoughtfully building the MIC into a globally orientated corporation that combines world class investors and operators to develop a powerful stable of companies.”