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| foundation = {{Start date and age|1981|05|22|df=y}}
| founder = [[Government of Singapore]]
| location = [[Singapore]]
| key_people = [[Lee Hsien Loong]] ([[Chairmanchairman]])<br /> [[Lawrence Wong]] (Deputy chairman)<br/>Lim Chow Kiat ([[Chief executive officer|CEO]])<ref>{{cite news|title=Lim Chow Kiat named GIC CEO from Jan 2017|url=http://www.channelnewsasia.com/news/singapore/lim-chow-kiat-named-gic-ceo-from-jan-2017/3306526.html|access-date=15 January 2017|agency=Channel NewsAsia|archive-date=16 January 2017|archive-url=https://web.archive.org/web/20170116171415/http://www.channelnewsasia.com/news/singapore/lim-chow-kiat-named-gic-ceo-from-jan-2017/3306526.html|url-status=dead}}</ref>
| products =
| revenue =
| aum = {{profit}} US$690770 billion<br />(June 2023)<ref>{{Cite web |url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242 |title=GIC Private Limited (GIC)}}</ref>
| num_employees = ~1,500<ref>{{cite web|url=https://www.owler.com/company/gic|title=GIC}}</ref>
| industry = [[Asset management|Fund management]] ([[sovereign wealth fund]])
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}}
'''GIC Private Limited''' is a [[Singapore]]an [[sovereign wealth fund]] that manages the country's [[foreign reserve]]s. Established by the [[Government of Singapore]] in 1981 as the '''Government of Singapore Investment Corporation''', offrom which the [[acronym]] "GIC" is derived from as an [[acronym]], its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years.
 
With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate.<ref>{{cite news|url=http://www.gic.com.sg/report/report-2016-2017/GIC-Annual-Report-2016-2017.pdf|title=FY16/17 Report on the Management of the Government's Portfolio.|access-date=15 March 2018|archive-date=15 March 2018|archive-url=https://web.archive.org/web/20180315134440/http://www.gic.com.sg/report/report-2016-2017/GIC-Annual-Report-2016-2017.pdf|url-status=dead}}Retrieved 21 March 2018.</ref> The [[Sovereign Wealth Fund Institute]] (SWFI) had estimated the fund's assets at [[United States dollar|US$]]690&nbsp;770 billion as of JuneSeptember 2023<ref>{{cite news|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05b242|title=GIC Private Limited (GIC)}}</ref> while ''[[Forbes]]'' estimated the fund's assets at US$744 billion after legislation were passed to transfer about US$137 billion from the [[Monetary Authority of Singapore]] (MAS), the country's central bank and monetary authority.<ref>{{Cite web |date=2021-12-17 |title=Singapore's US$744 billion fund GIC eyes China's property assets |url=https://www.scmp.com/business/banking-finance/article/3160078/singapores-us744-billion-sovereign-wealth-fund-gic |access-date=2022-12-09 |website=South China Morning Post |language=en}}</ref><ref>{{Cite news |date=2022-01-12 |title=Singapore's GIC Set to Manage Extra $137 Billion in Reserves |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-01-12/singapore-s-gic-set-to-manage-extra-137-billion-in-reserves |access-date=2022-12-08}}</ref>
 
Besides GIC, Singapore also owns another sovereign wealth fund, [[Temasek Holdings]], with managed assets at about US$630&nbsp;billion of [[assets under management]], along with the national pension plan [[Central Provident Fund (Singapore)|Central Provident Fund]] (CPF) with assets of US$397 billion, giving an estimated [[assets under management]] (AUM) of US$1.77 trillion.<ref>{{cite news |title=Portfolio Performance. |url=https://www.temasek.com.sg/en/our-financials/portfolio-performance.html |access-date=21 March 2018}}</ref> The MAS also holds a further US$478 billion.
 
==History==
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==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.<ref>"[http{{cite web |last1=Adamson |first1=Loch |title=Sovereign Wealth Funds Look for Inside Edge by Managing Money In-House |url=https://www.institutionalinvestor.com/Articlearticle/32579972bsu1o2q8dtzeboj5enls/Researchcorner-and-Rankingsoffice/Sovereignsovereign-Wealthwealth-Fundsfunds-Looklook-for-Insideinside-Edgeedge-by-Managingmanaging-Moneymoney-Inin-house.html/ Sovereign|website=Institutional WealthInvestor Funds Look for Inside Edge by Managing Money In|archive-House]url=https://web." Institutional Investorarchive. 24 September 2013org/web/20231206063755/https://www.institutionalinvestor.com/article/2bsu1o2q8dtzeboj5enls/corner-office/sovereign-wealth-funds-look-for-inside-edge-by-managing-money-in-house Retrieved 27 September|archive-date=2023-12-06 |date=2013.-09-24}}</ref>
 
Traditionally, GIC keeps a lowhigh profile in its investments.<ref>[http{{cite news |last1=Thal Larsen |first1=Peter |last2=Dickson |first2=Martin |title=Transcript: Tony Tan of Singapore’s Government Investment Corporate |url=https://www.ft.com/cms/s/0content/7b0549f4-d0f1-11dc-953a-0000779fd2ac.html#axzz1C0umyeng. Transcript:|work=[[Financial Tony Tan of Singapore’s Government Investment CorporateTimes]] Financial|date=2008-02-06 Times|archive-url=https://archive.today/20240610002451/https://www.ft.com/content/7b0549f4-d0f1-11dc-953a-0000779fd2ac |archive-date=2024-06-10}}</ref> During the [[subprime mortgage crisis]] of 2007–2010, however, a number of its investments attracted controversy.{{citation needed|date=June 2024}} In 2013, according to the [[Sovereign Wealth Fund Institute]], the GIC was one of the most active SWF[[sovereign wealth fund]] investors for the year.<ref>{{cite news|url=https://www.swfinstitute.org/news/15989/the-most-active-sovereign-wealth-fund-investors-of-2013-12310/ |title=The Most Active Sovereign Wealth Fund Investors of 2013|publisher=Sovereign Wealth Fund Institute|date=25 March 2014}}</ref>
 
In 2006, at the height of the US real estate bubble, it made a US$200&nbsp;million investment in the equity of [[Stuyvesant Town—PeterTown–Peter Cooper Village]], the largest apartment complex in Manhattan (as well as US$575&nbsp;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.<ref>{{cite news|url=https://www.reuters.com/article/idUSSGE60A0EF20100111 |title=GIC says booked loss from $675mln Stuyvesant investment|publisher=Reuters |date=11 January 2010|first=Kevin|last=Lim}}</ref><ref>{{cite news|url=https://www.nytimes.com/2010/01/26/nyregion/26stuy.html|title=Wide Fallout in Failed Deal for Stuyvesant Town|publisher=[[NY Times]]|date=25 January 2010|first1=Charles V.|last1=Bagli |first2=Christine|last2=Haughney|access-date=4 May 2010}}</ref>
 
In late 2007, during the first phase of the crisis, GIC invested $11&nbsp;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.<ref>{{cite web |url=http://www.asiaone.com/News/The+Straits+Times/Story/A1Story20071211-40492.html|title=GIC invests $14&nbsp;billion in Swiss bank UBS|publisher=[[AsiaOne]]|date=11 December 2007}}</ref><ref>{{cite news |url=https://www.reuters.com/article/idUSSGE61A0CJ20100211|title=UBS stake may be worth 70 pct less as GIC converts|publisher=Reuters|date=11 February 2010}}</ref> GIC had acknowledged that the timing for the investment could have been better. It also stated that other investments made at that time have had positive returns which offset the losses on [[UBS]]. GIC's total portfolio has fully recovered to its value prior to the global financial crisis.<ref>{{cite news|url= http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1154179/1/.html|title=GIC defends UBS investment|publisher=[[ChannelNewsAsia]]|date=19 September 2011|first=Ryan|last=Huang|access-date=29 December 2011|archive-date=25 January 2012|archive-url=https://web.archive.org/web/20120125025436/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1154179/1/.html|url-status=dead}}</ref>
 
In 2008, GIC invested US$6.88&nbsp;billion for a 9% stake in [[Citigroup]].<ref>{{cite web|url=http://www.gic.com.sg/newsroom_newreleases_150108%20-%20GIC%20invests%20USD%206.88bn%20in%20Citigroup.htm|title=Citigroup|publisher=GIC homepage|year=2009|access-date=13 May 2010|archive-url=https://web.archive.org/web/20090422140330/http://www.gic.com.sg/newsroom_newreleases_150108%20-%20GIC%20invests%20USD%206.88bn%20in%20Citigroup.htm|archive-date=22 April 2009|url-status=dead}}</ref> In 2009, it pared its stake to less than 5%, realising a $1.6&nbsp;billion profit, with another $1.6&nbsp;billion paper profit on its remaining holding.<ref>{{cite web|url=https://www.bloomberg.com/apps/news?pid=20601080&sid=aalfuzelYF94 |title=GIC Pares Citigroup Stake|publisher=[[Bloomberg L.P.|Bloomberg]] |date=22 September 2009}}</ref>
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In 2021 they took part in a investment round in Dapper Labs.<ref>{{Cite web|url=https://techcrunch.com/2021/09/22/nba-top-shot-creator-dapper-labs-raises-another-250-million/|title = NBA Top Shot creator Dapper Labs raises another $250 million| date=22 September 2021 }}</ref>
 
In December 2023, GIC acquired [[Cinven]]'s shares in Miller and became the majority shareholder of UK specialist insurance and reinsurance broker Miller.<ref>{{Cite web |title=GIC to buy out partner to become majority shareholder of reinsurance broker Miller |url=https://www.businesstimes.com.sg/companies-markets/gic-buy-out-partner-become-majority-shareholder-reinsurance-broker-miller |access-date=2023-12-11 |website=THE BUSINESS TIMES}}</ref>
 
==Performance==
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==Governance and risk management==
The funds managed by GIC are owned by the [[Government of Singapore|Singapore Government]]. Its investment returns supplement the country's annual budget in areas such as education, [[Research and development|R&D]], healthcare, and infrastructure.<ref>{{cite web |url=http://www.ifaq.gov.sg/mof/apps/fcd_faqmain.aspx|title=Ask MOF |publisher= Singapore Ministry of Finance |year=2011 |access-date=22 October 2016|archive-date=21 October 2016|archive-url=https://web.archive.org/web/20161021105105/http://www.ifaq.gov.sg/MOF/apps/fcd_faqmain.aspx|url-status=dead}}</ref>
 
As a Fifth Schedule company under the Singapore Constitution, GIC is accountable in various key areas to the [[President of Singapore]] who is empowered under the Constitution to obtain information to enable him or her to safeguard the country's [[Reserves of the Government of Singapore|reserves]]. The Auditor-General, who is appointed by the President of Singapore, submits an annual report to the President and Parliament on his or her audit of the Government and other entities managing public funds.<ref>{{cite news|url=http://www.gic.com.sg/data/pdf/B_Institutional_framework_and_governance_structure.pdf|title=Institutional Framework and Governance Structure|year=2011|access-date=29 December 2011|archive-url=https://web.archive.org/web/20111027142507/http://www.gic.com.sg/data/pdf/B_Institutional_framework_and_governance_structure.pdf|archive-date=27 October 2011|url-status=dead}}</ref>
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