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Singapore’s GIC seeks to sell large private equity portfolio

Deal Street Asia 2018-04-16 06:38:23

Singapore’s sovereign wealth fund is looking to sell a large chunk of its private equity portfolio, worth about $2 billion, according to a .

GIC, which was involved in two biggest transactions in the first quarter of this year, amounting to a combined $29.6 billion, has listed a portfolio of private equity interests on the secondary market recently, according to the report.

Investment holding firm Cogent Investment Group is working as adviser on the deal.

According to a GIC report released last year, private equity accounted for about 9 per cent of the Singapore fund’s asset mix as of March 31, 2017. The fund’s private equity interests include buyouts, venture capital, mezzanine debt, distressed debt, and secondary fund investments.

In the first quarter of this year, GIC participated in multi-billion deals, including the $17-billion acquisition of a majority stake in the Financial and Risk business of Thomson Reuters Corp, which GIC acquired with Canada Pension Plan Investment Board, and US private equity firm Blackstone.

GIC also teamed up with Carlyle Group, another private equity firm, in acquiring Akzo Nobel’s Specialty Chemicals business in a $12.6-billion deal.

GIC was also involved in the third-largest deal alongside Saudi Arabia’s Public Investment Fund (PIF) and other investors. They agreed to pay $5.4 billion for 55 percent of French group AccorHotel’s AccorInvest property business.

According to Thomson Reuters data, the massive deals that involved GIC helped boost the overall value of first-quarter transactions to $42.4 billion, across 39 deals.

Early this month, GIC reduced its ownership in Vietnam’s budget airline VietJet Air to 4.97 per cent.