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.