Cooper Village, the largest apartment complex in Manhattan (as well as US$575 million in secondary loans). The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out the investment. In late 2007, during the first phase of the crisis, GIC invested $11 billion Swiss francs for a 7.9% stake in the Swiss bank UBS. The loans were converted into equity in 2010, with an estimated 70% loss of value, though partially offset by a 9% fixed coupon. GIC had acknowledged that the timing for the investment could have been better. It also stated that other investments made at that time have had positive returns which offset the losses on UBS. GIC's total portfolio has fully recovered to its value prior to the global financial crisis. In 2008, GIC invested US$6.88 billion for a 9% stake in Citigroup. In 2009, it pared its stake to less than 5%, realising a $1.6 billion profit, with another $1.6 billion paper profit on its remaining holding. On 30 July 2013, Singapore's GIC was part of a consortium to acquire Transport et Infrastructures Gaz France (TIGF) which is Total's gas transportation and storage business for an enterprise value of €2.4 billion (US$3.25 billion). The consortium includes Snam (45%) an Italian gas storage and transport operator, Singapore's GIC (35%) and EDF (20%). As of 2017, GIC holds around 34% of its portfolio in the US; 3% in Latin America; 6% in the rest of Americas; 6% in the United Kingdom; 12% in the Eurozone; 6% in the Middle East, Africa and the rest of Europe; 19% in Asia excluding Japan; 12% in Japan and 2% in Australasia. In 2017 it was reported that GIC would purchase a 10% stake in British specialist bank OakNorth for £90 million. In 2021 they took part in a investment round in Dapper Labs. Performance In 2008, GIC published for the first time a report containing information on its 20-year returns and more information on how it is managed and governed, and how it invests Singapore's foreign reserves. GIC does not disclose the amount of funds it manages and its annual profit and loss. Revealing the exact amount would expose the full size of Singapore's financial reserves and make it easier for speculators to attack the Singapore dollar during periods of vulnerability. Since 2011, GIC had also published the 5-year and 10-year