RGE Monitor, 22 Sep 2008, Rachel Ziemba
"GIC invests a portion of Singapore’s reserves, its fiscal surpluses and Singapore’s mandatory retirement contributions. It does not disclose its assets except to say that they are well over $100 billion and that it aims to beat G3 inflation, which it did in the first 25 years of its history (to 2006).
Size of fund: Estimates of its size vary from FT $140 billion to over $300 billion. Based on information previously disclosed and market returns - a plausible estimate is $220 billion. . This assumes index-based returns and that GIC received transfers equal to the increase in official portfolio investments in Singapore's balance of payments (See below). Using index based gains and losses would imply fairly hefty losses on GIC's hedge fund, equity and real estate holdings. Brad Setser and I have estimated that GIC’s assets under management were over $200 billion at the end of 2007. GIC’s equity and fixed income investments are likely roughly equivalent to Singapore’s reported “portfolio investment” in the Net International Investment Position ($150 billion in 2006, the latest available data). Accounting for the approximately 20% of GIC’s portfolio in real estate and other alternative investments would bring the total closer to $200 billion though."
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