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Singapore’s $744 Billion Fund Eyes Deals in Low-Return World

  • GIC has been the most active sovereign fund for four years
  • China, bonds face headwinds, forcing shift to private equity
Lim Chow Kiat
Lim Chow Kiat

Photographer: Lauryn Ishak/Bloomberg

Updated on

As the world’s most acquisitive sovereign wealth fund turns 40, it’s never had so much money to manage -- nor faced more challenges trying to manage it.

Two investment pillars that have helped fuel growth for Singapore’s GIC Pte. -- China and bonds -- are under siege from inflation, geopolitics and regulatory crackdowns. The national budget meanwhile requires ever more revenue, putting pressure on GIC to deliver robust returns, prompting one of the biggest asset pivots in its history.