Government of Singapore Investment Corporation
The Government of Singapore Investment Corporation (GIC) is the third largest Sovereign Wealth Fund with assets of over $330 billion. It has over 900 employees in nine offices across the world. According to the GIC, it has invested in over 40 different markets. GIC is wholly owned by the Government of Singapore, which also manages investments through a second company, Temasek Holdings. It was formed on 22 May 1981.
The GIC has three separate departments that handle all the investments by the GIC: GIC Asset Management, GIC Real Estate, GIC Special Investments. GIC Asset Management handles major asset classes like stocks, bonds, currencies and commodities. GIC Real Estate is in the top 10 global real estate investments firms. It has over 300 investments across more than 30 countries. GIC Special Investments handles investments in the field of private equity. Its investment activities include leveraged buyouts, venture capital, growth capital, mezzanine financing, distressed situations, infrastructure and other special situation investments.
It does take large equity stakes in companies but tends not to acquire them, unlike its sister organization, Temasek Holdings. However, GIC prefers to acquire property assets but they do occasionally hold minority stakes in property assets. It also will hold indirect stakes in property.