GIC names new private equity chief
Government of Singapore Investment Corp. (GIC), Singapore’s leading sovereign wealth fund, has appointed a new private equity head as part of a significant personnel shift that sees younger people move into senior roles.
Tay Lim Hock, currently deputy president of GIC Special Investments, which is responsible for the fund's private equity and infrastructure business, will become president on July 1. Meanwhile, Lim Chow Kiat, president for Europe, has been named president of GIC Asset Management and Kok Huat will step up from deputy president to president of GIC Real Estate.
Tony Tan, deputy chairman and executive director of GIC, says that the changes will ensure smooth transition in the leadership of each department and also strengthen the sovereign wealth fund's reach into emerging markets.
On June 1, Singaporean Prime Minister Lee Hsien Loong became chairman of GIC, taking over from his father, Lee Kuan Yew, who moved to a senior advisor position. Temasek, Singapore's second-largest sovereign wealth fund after GIC, is headed by Ho Ching, who has been married to Lee Hsien Loong since 1985.
As of March 2011, GIC and Temasek had assets under management of $247.5 billion and $145.3 billion, respectively.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.