Invested In Our Future

Securing Singapore’s financial future for over 40 years

While Singapore marks 60 years of independence, we reflect on the purpose we share with the nation—to give the people of Singapore the means to chart their own path. This shared purpose gave rise to our inception in 1981 as the manager of Singapore’s reserves, and today, we continue to fulfill this purpose with rigour, discipline, and the conviction to do what’s right, not what’s easy.

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Our Shared Journey

For over 40 years, GIC has been a part of the Singapore story. But this shared history goes back even further to the early years of Singapore’s independence. This is a tale of ingenuity, resilience, and vision that exemplifies the spirit of the nation.

Discover the untold story of Singapore’s reserves

1981

During Singapore’s formative years, then Deputy Prime Minister Dr Goh Keng Swee put forth a bold vision: the creation of an entity dedicated to investing Singapore’s surplus reserves for better long-term returns. GIC was the outcome of that vision, with the purpose of growing Singapore’s reserves to ensure the country’s financial security and in turn, safeguard the sovereignty of a fledgling nation.

1987

The foundations of GIC were put to the test in that year’s Black Monday event, which saw global stock markets crash severely and unexpectedly. Our diversified portfolio weathered the financial market turbulence, but more importantly, we learnt first-hand the fortitude it took to live up to our purpose of securing Singapore’s reserves.

1990s

This decade was marked by a readiness to explore new investment horizons. Singapore’s neighbours were undergoing unprecedented transformation—especially China—and GIC’s strategic response was an early pivot towards emerging Asia. This is where we found new sources of returns for diversification and learnt to adapt to unfamiliar investment situations.

2000s

The early years of this decade were rocked by world events—such as the dot-com bubble burst and the 9/11 terrorist attacks in the US—that brought about fundamental changes to the global economy. Even though Singapore withstood these external shocks, it was important for GIC to look ahead, leading to a review of our investment policy and strategy. The conclusion was that the reserves managed by GIC could be viewed as more than a contingency fund, but also a financial endowment for Singapore. This signified a transformation of the concept and role of reserves.

2010s

GIC entered a new phase as we adapted and re-shaped ourselves to improve portfolio performance. We implemented the New Investment Framework, which positioned the portfolio for a challenging financial landscape, while a strategy shift transformed us from a largely passive investor to an active one, which allowed us to further aid our investee companies in their growth.

2020s

The COVID-19 pandemic put both Singapore and GIC to the test. As Singaporeans came together to face one of this century’s worst global health emergencies, GIC continued to focus on our long-term orientation. We maintained our strategic holdings, despite the turbulence that the pandemic caused in the global markets.

Reserves at Work

Singapore’s reserves perform three functions—as a buffer against crises, to supplement the national Budget, and to secure macroeconomic stability. They are managed by the Monetary Authority of Singapore (MAS), Temasek Holdings, and GIC, each with distinct responsibilities. GIC manages Singapore’s foreign reserves, primarily investing outside of Singapore with a long-term view on returns.

For Today’s Prosperity: Stability Fund

Singapore’s official foreign reserves assure markets that the Singapore dollar can be defended, reinforcing investor confidence in our financial strength. This credibility underpins Singapore’s triple-A credit ratings, keeping the economy trusted and prices stable for households and businesses.

For Tomorrow’s Uncertainty: Rainy-Day Fund

To date, the Singapore Government has drawn on past reserves during two global crises—the 2008 Global Financial Crisis and the COVID-19 pandemic that lasted from 2020 to 2022. Having this rainy-day fund at their disposal enabled the Government to finance unprecedented initiatives to protect Singaporeans’ lives and livelihoods during these trying times. The role of reserves during the two crises underscores the importance of GIC’s purpose in growing and safeguarding Singapore’s reserves.

For Generations to Come: Endowment Fund

Part of the long-term returns from reserves is channelled into the annual Budget through the Net Investment Returns Contribution (NIRC). Today, it is one of the largest sources of Government revenue, helping to fund schools, hospitals, infrastructure, and more, easing the burden on today’s taxpayers while providing for future generations.

Invested in Every Sense

At GIC, staying invested in Singapore’s future is a multi-faceted task.

Invested for the Long Term

We are a long-term investor with a diversified portfolio that spans geographies, asset classes, and sectors. We have the ability to invest across the capital structure, with an on-the-ground presence in key markets around the world.

Learn about our diversified, resilient portfolio

Invested in Shaping Global Perspectives

On ThinkSpace, we share insights on long-term economic trends and shifts that redefine the global investment landscape.

Explore ThinkSpace

Invested in Good

We partner with organisations in education, the arts, and inclusion to contribute meaningfully to vulnerable and under-served communities.

Discover our social impact

Did You Know?

Get to know Singapore’s sovereign wealth fund.

Did you know the benefits of investment returns from GIC are all around you?

GIC is one of the three investment entities in Singapore that manage Singapore’s reserves, alongside the MAS and Temasek Holdings. Up to 50% of our net investment returns from the reserves flow back to Singapore’s Budget through the Net Investment Returns Contribution (NIRC), which the Government then uses to fund spending on public goods like bus stops, polyclinics (including patient subsidies), and even the greenery that we all enjoy.

Did you know GIC primarily invests outside of Singapore?

By investing globally, GIC diversifies its portfolio across various asset classes, sectors, and geographical regions to mitigate risks and reduce the impact of adverse economic conditions in any single country or region on our portfolio.

Did you know GIC is the first non-commodity sovereign wealth fund?

More than 40 years ago, only oil-rich countries had anything that resembled a sovereign wealth fund. Singapore was the first to create an entity to invest a country’s surplus reserves generated from its trade and capital accounts. That entity is GIC. It was such a novel concept that our founding leaders had to overcome many fundamental issues such as the appropriate corporate structure, governance, and investment strategies.

Did you know revealing the size of assets under GIC’s management poses a national security risk?

The Government has explained that revealing the assets under management of GIC will, taken together with the published assets of MAS and Temasek, amount to publishing the full size of Singapore’s financial reserves. For a small country with no natural resources, the reserves are akin to Singapore’s war chest, serving as the nation’s financial anchor and providing support in times of crisis. It is hence not in Singapore’s interests to reveal how much GIC manages.

Did you know GIC evaluates our investment performance with the rolling 20-year real rate of return?

The 20-year real rate of return reflects the Government’s investment mandate, requiring GIC to invest for the long term. This is in real terms—in other words, the return after accounting for global inflation—because GIC must beat global inflation to preserve the international purchasing power of the reserves placed under our management. Real returns indicate whether we are meeting our remit from the Singapore Government.

Invested in the next 60 years and beyond

The international environment is increasingly challenging. In the face of these changes, our mandate remains the same: to preserve and enhance the value of Singapore’s reserves to secure Singapore’s financial future. The clarity of our purpose keeps us anchored while we evolve with the times—because we’re invested in Singapore’s future.

About GIC’s role and mandate

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How we invest

Our mandate is to preserve and enhance the international purchasing power of the reserves we manage.

Our Portfolio

Learn how we preserve and enhance the international purchasing power of the reserves we manage.

We’re a global long-term investor, with purpose in our hearts and the future on our minds

Taking a disciplined approach to long-term value investing.

A diversified, resilient portfolio to secure Singapore's financial future.

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