GIC seeks to sell US$1 billion private equity fund stakes: Bloomberg
Potential divestments are said to include funds from global private equity managers EQT, TPG Asia and KKR
Singapore’s GIC sovereign wealth fund is considering selling stakes in private equity funds, aiming to offload assets valued at approximately US$1 billion, according to sources familiar with the matter. The potential divestitures would encompass holdings from prominent private equity firms such as EQT, TPG Asia, and KKR. PJT Partners is acting as the advisory partner for GIC throughout this process.
Discussions regarding these potential sales commenced in July, as the fund explored buyer interest. Presently, the negotiations are in their preliminary stages, with the specifics of any transaction remaining subject to change. Neither GIC nor PJT Partners has provided any official statements regarding the matter. EQT, TPG Asia, and KKR have not yet responded to inquiries seeking comment on the proposed sales.
GIC’s CEO, Lim Chow Kiat, acknowledged in a July interview that the fund has become more cautious in its private market investments and is actively reallocating capital across various strategies. In its July 2023 report, GIC disclosed a five-year annualized return of 3.6%, marking the lowest in over a decade, and an annualized rolling 20-year real rate of return of 3.4% for the period ending March 31, 2023.
Global SWF, a data platform specializing in sovereign wealth funds, estimates GIC’s current assets under management to be worth US$936 billion.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
