GIC Private Limited is a sovereign wealth fund in Singapore that manages its foreign reserves. Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation, its mission is to preserve and enhance the international purchasing power of the reserves with the aim of achieving good long-term returns above global inflation over the investment time horizon. With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate. The Sovereign Wealth Fund Institute (SWFI) had estimated the fund's assets at US$690 billion as of June 2022 while Forbes estimated the fund's assets at US$744 billion after legislation were passed to transfer about USD137b from the central bank. Besides GIC, Singapore also owns another sovereign wealth fund Temasek Holdings with managed assets at about US$630 billion of assets under management and the national pension plan Central Provident Fund with assets of US$397 billion (S$540 billion), giving a total assets under management AUM of US$1.64 trillion. History In 1981, Goh Keng Swee, then first Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), saw the trend of Singapore's rapidly growing foreign reserves and decided to invest Singapore's reserves for the future of the nation and the welfare of its people. He was advised by the British merchant bank, N M Rothschild & Sons, and established the GIC. The government then embarked on a change in investment policy, by investing the bulk of its foreign reserves in longer-term, high-yielding assets rather than in liquid but low-yielding assets. An undisclosed number of those who left the MAS in 1981 went to work for GIC. In the late 1990s, four of its most senior positions were held by former MAS officers. Investments GIC has the ability to invest across a full spectrum of financial assets, from sovereign debt to infrastructure, and manages approximately 80 per cent of its portfolio in-house. Traditionally, GIC keeps alow profile in its investments. During the subprime mortgage crisis of 2007–2010, however, a number of its investments attracted controversy. In 2013, according to the Sovereign Wealth Fund Institute, the GIC was one of the most active SWF investors for the year. In 2006, at the height of the US real estate bubble, it made a US$200 million investment in the equity of Stuyvesant Town—Peter