GIC outperformed by tell-all Norwegian SWF

In Financial competency, GIC, Private Equity, S'pore Inc on 03/07/2019 at 6:38 am

By 15%.

GIC’s annualised 20-year real rate of return, its main performance metric, was 3.4 per cent up to the year-end in March. That compares with a real rate of return of 3.9 per cent since 1998 at Norges, the Norwegian sovereign wealth fund.


Please remember that GIC (like Temasek) says it needs to be non-transparent to make money for us. Well tell that to the Norwegians who even tell the world the colour of the underwear of the fund managers.

Btw, GIC is investing less in stock markets, more in private equity. Who isn’t?

  1. Temasek is also trying to foist PE products onto ordinary Sinkies, probably by June 2020 if the recession / crash doesn’t hit first. PE cashflow-backed products like Astrea are just appetisers. The meat will be more direct equity stakes. Like Astrea, expect multiple layers of safeguards for the Sinkies — it will be PE for kiddies.

    Unfortunately we may need a recession to sieve the wheat from the chaff, and bring valuations to more profitable levels. We may be approaching peak PE valuations, looking at things like Uber, AirBnB, Grab, Gojek, and the current crop of startups trying to list on Nasdaq.

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