Singapore | GIC, the sovereign wealth fund that has quietly become the biggest offshore player in Australian commercial real estate, is set to get a flood of new capital thanks to a change in the way Singapore manages its foreign reserves.
The flagged transfer of $S185 billion ($192.3 billion) of foreign reserves from the Monetary Authority of Singapore would make GIC the world’s third largest sovereign wealth fund, raising total assets under management to an estimated $US880 billion, according to the New York-based sovereign investor specialist Global SWF.
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Emma Connors was South-east Asia correspondent from October 2019 until mid-2023, based in Jakarta and Singapore. She has previously edited Perspective and Opinion and has written extensively across the AFR and related titles. Connect with Emma on Twitter. Email Emma at emma.connors@nine.com.au
