GIC opens office in Brazil
GIC, Singapore’s giant sovereign wealth fund, gets around. The $320 billion investment giant has just established its ninth overseas office, but its first in Latin America.
Its newest foreign station is (where else?) in São Paulo, Brazil, where GIC has bought an interest in a few Brazilian companies to demonstrate its confidence in the durability of Latin America’s economic expansion.
GIC purchased equity interests in communications technology provider Linx SA, food processor BRF SA, and water and sewage treatment company Aegea Saneamento e Participacoes. In total, 4 percent of GIC’s assets have been invested in Latin America thus far, compared with 36 percent in the United States.
GIC, the world’s eighth largest sovereign wealth fund, also likes real estate, with a target allocation of 9 percent to 13 percent to the asset class. The opening of the São Paulo office, headed by Wolfgang