Singapore's sovereign wealth fund GIC has launched a process to sell private equity fund stakes with a net asset value of about US$1 billion (approximately S$12.8 billion), industry sources said [1, 2, 3]. The divestment includes stakes in funds managed by EQT, TPG Asia, and KKR. GIC engaged PJT Partners to advise on the transaction [1, 2, 3].
GIC reached out to potential buyers in late July 2026 to gauge interest in the secondary sale [1, 2, 3]. The discussions remain at an early stage, and details or the size of any final transaction could change.
The move reflects GIC’s growing caution on private market investments. Its CEO, Lim Chow Kiat, said the company is actively "recycling" capital across private market strategies to enhance portfolio flexibility [1]. The sale forms part of this capital reallocation effort.
GIC’s five-year annualized return was reported at 3.6% as of July 2026, the lowest in more than a decade [1, 3]. Over a 20-year rolling period ending March 31, 2026, it posted a real annualized return of 3.4% [2, 3]. There are differing estimates of GIC's total assets under management, with some sources citing US$1.16 trillion and others around US$936 billion according to Global SWF estimates [1, 2, 3].
The private equity secondaries market has expanded as institutional sellers, including sovereign wealth funds, have increasingly sought liquidity for stakes in private equity funds [1, 2]. GIC’s sale is part of this broader trend as large asset managers recycle capital.
GIC, one of the world’s largest sovereign wealth funds, manages assets worth close to US$1 trillion by multiple estimates [2, 3]. The exact amount varies depending on the source.
The process initiated in late July 2026 will continue to develop as GIC evaluates interest from potential buyers and decides on the final structure and timing of any sale [1, 2, 3].
