Porsche courts Gulf sovereign funds for landmark IPO
is trying to secure anchor investments from some of the largest Middle Eastern sovereign wealth funds, as the iconic sports-car maker looks to pull off one of Europe’s biggest listings amid market headwinds and valuation concerns, people familiar with the matter said.Volkswagen
Existing Volkswagen shareholder Qatar Investment Authority has already decided to become a strategic investor in Porsche. Volkswagen wants to gather firm commitments from other funds by the end of the month, one person said. Last month’s decision to put Porsche Chief Executive Officer Oliver Blume in charge of parent Volkswagen has also drawn scrutiny from investors. In a Bernstein & Co. poll of 58 fund managers, 71% said Blume’s dual role is a clear negative for the IPO.
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