Singapore's sovereign wealth fund GIC told Reuters that it will continue to evaluate long-term investment opportunities in China, despite halting investments in the nation at the moment.
GIC cut back on commitments to China-focused private equity and venture
capital funds in 2022, the Financial Times reported earlier in the
day.
- Although
the firm has curbed its investments, it still owns stakes in several
listed and private Chinese companies and has not liquidated any of its
holdings in the past year.
- GIC cited the nation's "rising
middle-class, an entrepreneurial private sector, as well as China's
decarbonization efforts" in providing investment opportunities in the
long term.
- Per research firm SWFI, GIC has $690B worth of assets under management, making it the fifth largest global sovereign investor.
- The firm slowed its investments in China following the government's regulatory crackdown on tech companies in 2021.
- In Q1 2022, GIC turned to U.S.-based startups, making up 37% of its portfolio.
