Singapore's GIC sees increase in PE exposure in 2014

The fund - which has $315 billion in assets under managment - saw private equity investments make up 9% of its asset mix for the year, against 8% for the year ending March, 2013, said the report. Real estate investment meanwhile, slipped down to 7% from 8%. Emerging markets equities went up 19% from 17% over the same period while developed market equities fell to 29% from 36%. The largest portion of the fund's portfolio is nominal bonds and cash which make up 31%.

GIC's investments in PE are made both through LP commitment and direct investment. The fund manages about 100 GP worldwide and it also an active co-investor. Asia currently accounts for about 20% of the GIC PE portfolio, with the lion's share of investment going to the US, followed by Europe.

Across GIC's broader portfolio, Asia - which was the second biggest region as of 2013 - has since slipped to third place as exposure fell from 28% to 27%. Australia slipped from 3% to 2% over the same period. By contrast, Europe rose from 25% to 29%.

GIC said that it earned 4.1% rate of return over the last 20 years to March 31, 2014 as against 4% for the previous year. In dollar terms, it achieved an annualized return of 12.4%, 7.0% and 6.5% for the 5-year, 10-year and 20-year time periods, respectively.

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• Topics
• Southeast Asia
• LPs
• GIC Private
• Singapore
• LPs