Shadine Taufik · · 1 min readGIC boosts investments in US tech firms, VC funds: report
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GIC, Singapore’s sovereign wealth fund, is reportedly increasing its investments in US-based venture capital funds and tech firms, the Financial Times reported. The move reflects GIC’s confidence in the long-term resilience of the US tech sector despite recent setbacks.
The firm has assets of over US$700 billion and is looking to “increase exposure” to US-focused funds, according to the report.
In 2021 and 2022, GIC made 63 deals with US-based private companies in tech, property, and healthcare, while it had only made 39 in 2018 and 2019, the FT said, citing data from Refinitiv.
The report also pointed out that US investments make up the largest portion of GIC’s portfolio, with 37% at the end of 2022. A previous analysis by Tech in Asia, however, shows that for startups, most of the firm’s investments are in China, followed by India and the US.
Temasek and GIC emerged as 2022’s most active sovereign investors, according to a survey by Global SWF, which tracks investments made by state-owned firms.
GIC recently led the US$129 million series E round of Quantexa, a UK-based AI and data analytics firm.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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