Government of Singapore Investment Corporation
Country: Singapore
Established: 1981
US$ Billion: 330
Origin: Non-commodity
Transparency Rating: 6
Summary:
Established in May 22 1981, the fund was initially valued at just a few US$ billion but is now one of the largest fund management companies. The Government of Singapore Investment Corporation does not own the funds it manages but manages them on behalf of their clients: the Government of Singapore, and the Monetary Authority of Singapore. GIC is wholly owned by the Government of Singapore and has three major subsidiaries:
GIC Asset Management Pte Ltd
GIC Asset Management Group is composed of several departments, including a department that is responsible for the management of GIC’s external managers. Objectives of the GIC Asset Management Group involve outperforming the Morgan Stanley Capital International (MSCI) Indices and Lehman Aggregate Bond Index. Some of the asset classes invested by the departments include the following: Equities, Fixed Income, Foreign Exchange (which includes commodities and money markets), and Alternative Investments.
GIC Real Estate Pte Ltd
GIC Real Estate Group is among one of the top 10 global real estate investment firms in the world. With over 200 investments across more than 30 countries, investing a multi-billion US$ portfolio. Direct property investments include: offices, retail stores, residential, hotels, senior and student housing, and sports and medical facilities. Indirect property investments include: funds, public and private corporate entities, real estate investment trusts (REITs), and real estate debt.
GIC Special Investments Pte Ltd
GIC Special Investment Group was started one year after the inception of the Government Investment Corporation of Singapore. Managing a multi-billion US$ portfolio, GIC SI is one of the world’s largest private equity firms. Investments of GIC SI include: leveraged buyouts, venture capital, growth capital, mezzanine financing, distressed situations, infrastructure and other special situation investments. GIC SI is composed of seven groups which include: The Corporate Services Unit, The North America Private Equity Group, Europe Private Equity Group, Global Technology Group, Asia Private Equity Group, Global Infrastructure Group, and the Global Strategy and Investment Group.
Corporate Governance:
The Ministry of Finance of Singapore represents the dominant authority of the GIC. The Government of Singapore and Monetary Authority of Singapore set the risk tolerance parameters and expected returns for the long term of the GIC. Three board committees are responsible for ensuring that the GIC operates in an ethically and fiscally positive manner. These committees include: Investment Committee, Risk Committee, and Remuneration Committee.
Strategies and Objectives
The fund was established after a decision by Deputy Prime Minister and Monetary Authority of Singapore Chairman Dr. Goh Keng Swee to invest Singapore’s growing reserves worldwide for better returns. Furthermore, the Government Investment Corporation of Singapore is to facilitate government savings necessary to meet power strikes, budget deficits, tax hikes, rising oil prices, currency volatility, global disinflation and to support the nation’s wealth over the long term.
Major Direct Foreign Investments (Public)
| Company |
Country |
Industry |
% Ownership |
Comments |
| Gravity Co Ltd - Dep Rcpt |
South Korea |
Industrials |
23.98% |
|
| Beijing Capital Land Ltd |
China |
Financials |
16.17%
|
|
| Thakral Holdings Group |
Australia |
Financials |
13.43% |
|
| Rreef China Commercial Trust |
Hong Kong |
Financials |
11.05% |
|
| UBS |
Switzerland |
Financials |
11.05% |
Subprime Infusion - $9.7 Billion |
| AEI |
United States |
Energy |
11% |
|
| Li Ning Co Ltd |
Hong Kong |
Consumer Goods |
9.97% |
|
| Champion Real Estate Investment Trust
|
Hong Kong |
Financials |
9.00%
|
|
| Shanghai Prime Machinery Co Ltd
|
China |
Industrials |
8.35%
|
|
| Yageo Corp - Underlying |
Taiwan |
Industrials |
7.99% |
|
| Syniverse Holdings Inc |
United States |
Technology |
7.63% |
|
| Brixton |
United Kingdom |
|
10.36% |
GICS London - Subsidiary |
| Dev Property Development Plc |
United Kingdom |
|
8.57% |
GICS London - Subsidiary |
| Liberty International Plc - Underlying |
United Kingdom |
|
5.02% |
GICS London - Subsidiary |
| Great Portland Estates Plc |
United Kingdom |
|
4.95% |
GICS London - Subsidiary |
|
Major Direct Foreign Investments (Private)
| Company |
Country |
Type |
% Ownership |
Comments |
| Pepsi-Cola Products Philippines Inc |
Philippines |
Private Stock |
9.5% |
|
|
News and Updates
3/6/08
GIC battles Westfield Group for Liberty International
Liberty International rose by a record in London yesterday, after reports of the largest UK mall owner was in takeover talks to become the biggest in the world. Liberty jumped 9.2 percent to £10.30 (R160), raising the market value to £3.7 billion. Liberty was founded by South African entrepreneur Donald Gordon, who controls 21 percent of the London-based company together with his family. Potential buyers included the Government of Singapore Investment Corporation (GIC), and Westfield Group, the world’s biggest shopping centre owner.
read more: Business Report
2/27/08
GIC buys Westin Tokyo hotel for $715 mln
Through the property arm of the Government of Singapore Investment Corporation, GIC Real Estate has reportedly purchased Westin Tokyo Hotel from Morgan Stanley and Starwood for $715 million.
The 438-room hotel located in the Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand.
read more: Independent Bangladesh
Location
Offices for the Government Investment Corporation of Singapore are spread out among 8 major cities:
Beijing
GIC Special Investments (Beijing) Company Ltd
Unit 1828, Level 18,
China World Tower 1
No. 1 Jian Guo Men Wai Ave
Beijing 100004 China
Tel: (86 10) 6505 5920
Fax: (86 10) 6505 5914
London
Government of Singapore Investment Corporation
(London Office) Private Limited
2nd Floor
York House
45 Seymour Street
London W1H 7LX
United Kingdom
Tel: (44 20) 7725 3888
Fax: (44 20) 7725 3506
GIC Real Estate International Private Limited,
London Office
1st Floor
York House
45 Seymour Street
London W1H 7LX
United Kingdom
Tel: (44 20) 7725 3888
Fax: (44 20) 7725 3508
Fax: (44 20) 7725 3511 (GIC Special Investments)
New York
Government of Singapore Investment Corporation
(New York Office) Inc
335 Madison Avenue
24th Floor New York
New York, New York 10017
USA
Tel: (1 646) 658 2200
Fax: (1 646) 658 2122
Special Investments Operations:
Cityspire
156 West 56th Street
19th Floor New York
NY 10019
USA
Tel: (1 212) 468 1900
Fax: (1 212) 468 1901
GIC Real Estate Operations:
GIC Real Estate Inc
Cityspire
156 West 56th Street
19th Floor New York
NY 10019
USA
Tel: (1 212) 468 1900
Fax: (1 212) 468 1901
San Francisco
Special Investments Operations:
255 Shoreline Drive
Suite 600
Redwood City
CA 94065
USA
Tel: (1 650) 593 3100
Fax: (1 650) 802 1213 (North America Private Equity Group)
Fax: (1 650) 620 2015 (Global Technology Group)
Real Estate Operations:
GIC Real Estate Inc
One Bush Street
Suite 1100 San Francisco
CA 94104
USA
Tel: (1 415) 229 1800
Fax: (1 415) 229 1812
Seoul
GIC Real Estate International Korea Co., Ltd
10th Floor, Seoul Financial Center
84 Taepyungro 1-ga Chung-gu
Seoul 100-768
Korea
Tel: (82) 2 726 3300
Fax: (82) 2 726 3318
Shanghai
GIC Real Estate International China Co., Ltd
Room 805, The Azia Centre,
1233 Lujiazui Ring Road
Shanghai, PRC
Tel: (86 21) 6165 1919
Fax: (86 21) 6165 1900
Singapore Head Office
Government of Singapore Investment Corporation
Private Limited
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel: (65) 6889 8888
Fax: (65) 6889 8722
GIC Special Investments Private Limited
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel: (65) 6889 8888
Fax: (65) 6889 6891
GIC Real Estate Private Limited
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel: (65) 6889 8888
Fax: (65) 6889 6869
Tokyo
Government of Singapore Investment Corporation
Private Limited Tokyo Representative Office
GIC Real Estate International
Japan K.K.
10th Floor Shiodome City Center
1-5-2 Higashi-shimabashi Minato-ku
Tokyo 105-7110
Japan
Tel: (81 3) 3572 7188
Fax: (81 3) 5537 2208
Website
GICS site
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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