Investments
GIC has the ability to invest across a full spectrum of financial assets, from sovereign debt to infrastructure, and manages approximately 80 per cent of its portfolio in-house.[12]
Traditionally, GIC keeps a high profile in its investments.[13] During the subprime mortgage crisis of 2007–2010, however, a number of its investments attracted controversy. In 2013, according to the Sovereign Wealth Fund Institute, the GIC was one of the most active sovereign wealth fund investors for the year.[14]
On 30 July 2013, Singapore's GIC was part of a consortium to acquire Transport et Infrastructures Gaz France (TIGF) which is Total's gas transportation and storage business for an enterprise value of €2.4 billion (US$3.25 billion). The consortium includes Snam (45%) an Italian gas storage and transport operator, Singapore's GIC (35%) and EDF (20%).[15]
As of 2017, GIC holds around 34% of its portfolio in the US; 3% in Latin America; 6% in the rest of Americas; 6% in the United Kingdom; 12% in the Eurozone; 6% in the Middle East, Africa and the rest of Europe; 19% in Asia excluding Japan; 12% in Japan and 2% in Australasia.[16]
In January 2019, GIC purchased a 2.55% stake in Vietcombank for $265 million.[17][18] The fund also participated in a $300 million funding round for German fintech company N26,[19] a year later, GIC participated in a $650 million financing round for Klarna,[20][21] and took part in Kotak Mahindra Bank's sale of shares worth $1 billion.[22] In September 2020, GIC and MassMutual acquired
In 2021, they took part in an investment round in Dapper Labs.[25]
GIC became a minority shareholder when it invested into Brazilian pharmaceutical company Cimed in March 2025.[26][27]
Real estate
In 2006, at the height of the US real estate bubble, it made a US$200 million investment in the equity of Stuyvesant Town–Peter Cooper Village, the largest apartment complex in Manhattan (as well as US$575 million in secondary loans). The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out the investment.[28][29]
Financial institutions
In late 2007, during the first phase of the crisis, GIC invested $11 billion Swiss francs for a 7.9% stake in the Swiss bank UBS. The loans were converted into equity in 2010, with an estimated 70% loss of value, though partially offset by a 9% fixed coupon.[30][31]
