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- September 2012: Vol. 5, Number 8

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GIC Increases Infrastructure and Cash Allocations

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The $100 billion Government of Singapore Investment Corp. (GIC) increased its holdings in private equity and infrastructure to 11 percent from 10 percent in the most recent fiscal year ending March 31, 2012, according to its 2011/2012 annual report. The sovereign wealth fund also decreased stock holdings to 45 percent from 49 percent and bond investments to 17 percent form 22 percent. GIC held 11 percent of its portfolio in cash at the end of March, which is an increase of 7 percent from the previous year.

GIC’s infrastructure investments include airports, seaports and highways, as well as water and power distribution, and power plants. It primarily invests directly in operating assets “with a high degree of cash flow visibility and which provide a hedge against inflation,” the annual report notes. “These include mature, low- to moderate-risk assets in developed markets, complemented by investments with higher g

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