GIC Private Limited

At a glance. GIC manages Singapore's foreign reserves for the Government, which owns the assets. It invests almost entirely outside Singapore, in more than 40 countries, through equities, fixed income and real assets, with over 2,500 staff in 11 cities. GIC does not publish its size; the latest outside estimate is about USD 1.16 trillion at 31 March 2026. Its 20-year real return to that date was 3.4 percent a year. S5 S1 S6

Key points

• Asset mix at 31 March 2026: equities 56 percent, fixed income 22 percent, real assets 22 percent (a year earlier 51, 26 and 23). S1
• By region: Americas 53 percent, Asia Pacific 22, Europe, Middle East and Africa 19, and 6 percent global or unallocated. S1
• Annualised US dollar returns to 31 March 2026: 5.6 percent over 20 years, 6.2 percent over 10 and 3.6 percent over 5, net of costs. S1
• From 1 April 2026 a Strategic Portfolio with three groups (equities for growth, fixed income for income, real assets for inflation resilience) replaced the Reference and Policy Portfolio set-up used since 2013. S1 S7
• Plans to add about USD 30 billion to hedge funds over three years, focused on global macro, quantitative and multi-strategy managers. S6
• Invests under a 20-year horizon and the mandate of good long-term real returns on a single pool of Government assets. S1
• Recent deal sizes run from about KRW 416 billion for a Seoul office complex to leading a USD 30 billion AI funding round. S8 S9

Interesting facts

• GIC was set up in 1981 by Goh Keng Swee, then first Deputy Prime Minister and MAS chairman, with N M Rothschild and Sons as adviser. S2
• The Government keeps the size secret, on the stated view that disclosure would reveal the reserves and make the Singapore dollar easier to attack. S2
• GIC has owned Seoul Finance Center since 2000, bought for about KRW 355 billion, and added Gangnam Finance Center in 2004. S10

Mandate and goals

Under its mandate from the Government, GIC aims for good long-term real returns and to preserve and enhance the international purchasing power of the reserves, investing on a 20-year horizon. S1

• Earn good long-term real returns on a single pool of Government assets, managed without regard to their source. S1
• Preserve and enhance the international purchasing power of the reserves. S1
• Invest within the risk parameters and guidelines set by the Government, which approves the Strategic Portfolio. S1
• Invest outside Singapore as a rule; Singapore companies with a strong global footprint are allowed. S1
• Spending rule: The Budget may use up to 50 percent of the long-term expected real return on net assets managed by GIC and MAS, plus Temasek net investment income (the NIR contribution). S1

How it invests

Asset mix: Equities 56%, Fixed income 22%, Real assets 22% (as of 2026-07-24) S1

Largest country weights: Americas 53%, Asia Pacific 22%, Europe, Middle East and Africa 19% S1

Past investments

Case studies

Anthropic: leading a USD 30B AI round S9

• What: GIC led the Series G funding round of the AI developer Anthropic.
• When: 2026
• Size: USD 30B round
• Why: The 2025/26 report treats AI as a core theme and sets out how GIC looks for value across the AI chain.

Sterlite Power: a transmission platform with a local partner S15

• What: GIC and Sterlite Power set up a USD 1B platform for Indian power transmission. Vedanta brings four assets and cash for 51 percent; GIC puts in about USD 500M.
• When: September 2026
• Size: About USD 500M from GIC
• Why: GIC cites rising energy and grid demand, including from AI, as a long-term theme for infrastructure.

Hedge funds: USD 30B over three years S6

• What: GIC plans to add about USD 30B to hedge funds over three years, mainly global macro, quantitative and multi-strategy managers.
• When: Announced July 2026
• Size: About USD 30B
• Why: The Group CIO said hedge funds add diversification at a time of concentrated equity markets; GIC has tripled its hedge fund book in a decade.

Investment process

The Government sets the mandate, risk parameters and Strategic Portfolio. The GIC board, supported by five committees, oversees policy; the Group Executive Committee is the top management body, and asset groups make investment decisions within their mandates. S1

1. The Government sets the investment objective, 20-year horizon, risk limits and guidelines in the mandate. S1
2. The Government approves the Strategic Portfolio across equities, fixed income and real assets. S1
3. Internal groups (public equities, fixed income, private equity, infrastructure, real estate, integrated strategies) and external managers invest within it. S1
4. GIC reports monthly and quarterly through the Accountant-General, and management meets the Minister for Finance once a year. S1

How to approach: No open application route is published. GIC says it does not provide investment services to the public. Fund managers work through its External Fund Managers department; operators and GPs usually reach GIC through existing partnerships and its regional offices. S17 S1

Size and returns

• Headline size: About USD 1.16T, estimate (Published estimate, as of 2026-03-31) S6
• In US dollars: about USD 1,160B. Press estimate at 31 March 2026 reported by Reuters; GIC does not publish its assets.
• Earlier outside estimate: About USD 936B (Published estimate, as of 2026-07-24) S6
• Return, 20 years to 31 March 2026: 5.6 percent a year (US dollar nominal, volatility 8.7 percent) S1
• Return, 10 years to 31 March 2026: 6.2 percent a year (US dollar nominal) S1
• Return, 5 years to 31 March 2026: 3.6 percent a year (US dollar nominal) S1
• Return, 20 years, real: 3.4 percent a year (above global inflation; 3.8 percent a year earlier) S1 S6
• Staff: Over 2,500 people in 11 financial cities S5
• Size over time (USD billion): 2021-08 744, 2025-03 936, 2026-03 1,160 S2 S6

Leadership

Governance and transparency

• Legal basis: Private company under the Companies Act (1981) and a Fifth Schedule company under the Constitution S1
• Oversight: Two-key system: the elected President must agree to board appointments and removals and to any draw on past reserves S1
• Auditor: Auditor-General of Singapore for the Government portfolio and main group companies S1
• Santiago Principles: IFSWF full member; publishes a Santiago Principles self-assessment S3
• Reports monthly and quarterly to the Government, including financial statements, holdings and risk analysis. S1
• Three lines of defence, with internal audit as the third. S1

Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: long-term returns, asset allocation, geographic or sector split, governance and mandate documents, named leadership, regular reporting schedule. S1 S4 S5
• Partly published: holdings or deal list, audited financial statements. S1 S12
• Not published: total assets, annual return. S1 S11

History

Reports

• Report on the Management of the Government's Portfolio 2025/26: https://www.gic.com.sg/uploads/2026/07/GIC_AR_2025-26_PRINT.pdf S1
• News release on the 2025/26 report: https://www.gic.com.sg/uploads/2026/07/GIC-Report-2025-26-News-Release.pdf S5

Common questions

How big is GIC?

GIC does not publish its size. The latest outside estimate is about USD 1.16 trillion at 31 March 2026. S6

What returns has GIC made?

5.6 percent a year in US dollars over 20 years to 31 March 2026, which is 3.4 percent a year above global inflation. Over 10 years it was 6.2 percent and over 5 years 3.6 percent. S1

Who runs GIC?

CEO Lim Chow Kiat and Group CIO Bryan Yeo, under a board chaired by Lee Hsien Loong. S4

Who owns the money?

The Government of Singapore. GIC is the manager and does not own the assets. S1

Can I pitch GIC?

No public intake route is published. Managers work through the External Fund Managers department; operators usually come through partners and regional offices. S17 S1

Is GIC an IFSWF member?

Yes, a full member. S3

Related profiles

• China Investment Corporation China · USD 1,567B
• SAFE Investment Company China · About USD 1T, estimate
• Hong Kong Monetary Authority Exchange Fund Hong Kong SAR, China · HKD 4,463.6B
• Korea Investment Corporation South Korea · USD 232.0B
• National Investment Corporation of the National Bank of Kazakhstan Kazakhstan · USD 3.4B
• Government Pension Investment Fund (GPIF) Japan · JPY 293.6T

All sovereign wealth funds in Asia · All reserve investment corporations · All funds in Singapore

Sources

1. S1GIC, Report on the Management of the Government's Portfolio 2025/26
2. S2Wikipedia, GIC Private Limited
3. S3IFSWF, members list
4. S4GIC, Board of directors
5. S5GIC, news release on the 2025/26 report
6. S6Reuters, GIC results and hedge fund plan, 23 July 2026
7. S7The Business Times, GIC 20-year real return and new framework (Chinese)
8. S8Chosun Ilbo Realty, G-Valley Biz Plaza deal (Korean)
9. S9GIC, GIC leads USD 30 billion Series G in Anthropic
10. S10Veacon, foreign capital in Korean commercial real estate 2026
11. S11Lianhe Zaobao, GIC annual results coverage (Chinese)
12. S12GIC, Newsroom
13. S13The Japan Times, GIC buys Marriott-run hotels in Japan
14. S14The Business Times, GIC acquires 16 Marriott-run hotels in Japan
15. S15Planify, Sterlite Power and GIC transmission venture
16. S16Vantage Data Centers, completion of the APAC platform investment from GIC and ADIA
17. S17GIC, FAQs