05.09.2014 - GIC gives private equity firms run for their money
Singapore's GIC is taking the unusual step of investing directly in unlisted firms, a move bankers say will be mimicked by other sovereign wealth funds as low yields spur fund managers to adopt a more hands-on attitude in their search for higher returns. In the first half of this year, GIC agreed to pay up to US$310 million (RM985.8 million) for minority stakes in two unlisted Philippine companies ó food producer Century Canning Corp and hospital group Metro Pacific Investment Corp. While the investments in the Southeast Asian archipelago nation formed just a tiny sliver of GICís estimated US$30 billion private equity portfolio, they marked a departure from GICís approach of putting money in a private equity fund that would then invest on its behalf, or co-investing with a buyout firm...............................................Full Article: Source
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