• Apply a long-term, fundamentals-based approach.

• Stay invested for the long term, including post-IPO for newer companies.

• Invest directly and through external fund managers in start-ups, growth companies, pre- and post-listed companies.

• Flexibility in the capital structure, investment size, sub-sector, geography and duration of our investments.

• Local presence in innovation hubs such as Silicon Valley and Beijing, complemented by our global presence through nine other offices.

• Able to spot leads and lags across regions and capture unique opportunities.

• Seek to be a lifetime partner and build multiple touch points with our investee companies.

• Share our insights and relationships with our investee companies and external fund managers.

• Through our Bridge Forum platform, we add meaningful value by curating connections between innovative companies and our global network of corporate leaders for potential business opportunities.

Our equity investing effort is carried out by a team of in-house research analysts and portfolio managers. The team is organised by regions (Developed Markets, Emerging Markets, Asia) and by product groups specialising in total return, relative return, and quantitative strategies. The team conducts in-depth due diligence and research to identify businesses with the potential to generate good long-term returns.

The Fixed Income department is broadly organised along three areas: Global Macro, Global Credit, and Cross-asset Systematic investing. We invest across the entire fixed income spectrum which includes government bonds, emerging market bonds, corporate bonds and loans, convertible bonds, hybrid securities, securitised products, structured credit, and global currencies. Our multi-asset macro and systematic strategies also invest in asset classes such as equities and commodities.

The Portfolio Execution department seeks to deliver top-tier trade execution to efficiently manage total portfolio liquidity and to enhance asset utilisation. Our trading teams operate around the clock across three centres — Singapore, London, and New York — to execute investment decisions for all public market asset classes and provide timely market intelligence to investment groups. We leverage market and microstructure insights generated by our in-house research team to execute efficient trading, portfolio implementation, and rebalancing strategies. Our role encompasses trading, execution research and analytics, total portfolio rebalancing, liquidity management, equity beta replication and securities finance.

Our private equity universe includes buyouts, minority growth, pre-IPOs, venture capital, private credit, and special situations such as distressed debt, and secondary private equity. We invest in companies directly and through funds. The direct investment programme is focused on taking minority equity positions and providing junior and senior debt financing in buyouts. Our funds strategy aims to identify and invest with leading private equity, venture capital, private credit, and special situations funds globally and grow with them in the long run. We have built up a network of over 100 active fund managers. The investment teams add value to the boards and management of the investee companies by providing advice and access to a global business network.

Our Infrastructure department takes a multipronged approach to investing. We invest mainly in private infrastructure assets with a high degree of cash flow visibility and which provide a hedge against inflation. These include mature, low- to moderate-risk assets in developed markets, complemented by investments with higher growth potential in emerging markets. We also invest in infrastructure funds, non-investment grade infrastructure debt, and structured investments in listed infrastructure companies. We have a dedicated asset management team which works alongside our investment professionals and industry experts to monitor and enhance the governance and operations of our portfolio companies.

GIC was an early entrant among institutional investors in real estate. Our investments in the space now include traditional private real estate (brick-and-mortar assets), public equities, real estate investment trusts, and real estate-related debt instruments. Our real estate assets span multiple property sectors, including traditional office, retail, residential, industrial, and hospitality and newer economy sectors such as data centres, life sciences, and healthcare properties.

Through active asset management, GIC can further generate income and enhance the market value of its assets through tenant management, market positioning, leasing, and capital improvements.

Our Integrated Strategies department invests across public and private asset markets and in less conventional investment opportunities, develops thematic investment strategies, and actively expands GIC's network of relationships beyond traditional domains. Our team has developed strong relationships and invests with family offices, family-owned businesses/entrepreneurs, corporates, and individuals with specific expertise (fund-less sponsors). We also invest with differentiated fund managers. We provide bespoke solutions to our partners for various uses including growth capital, M&A financing, shareholding restructuring, etc. With a flexible investment mandate, we can invest across the capital structure and hence find the right investment structure for our partners.

GIC engages external fund managers to access investment capabilities and opportunities in various sectors and geographies. External managers enable GIC to gain exposure across public and private markets. They also provide us with valuable investment insights.

GIC has dedicated investment services departments that support public and private market investment activities. They provide support for deal closing, investment and data operations, investment reporting, management reporting, portfolio accounting, valuation, and financing.

People are the cornerstone of any risk management system. All GIC employees are expected to act with integrity and exercise sound judgement; they need to understand, evaluate, and carefully manage the risks they take. All operating units own and are primarily accountable for the risks inherent in their activities. They are responsible for ensuring that an appropriate risk-and-control environment and robust processes are in place as part of their day-to-day operations. Our risk assessments are forward-looking and form an important element of our long-term approach. We consider a broad spectrum of risks with potential long-term impact, including sustainability risks and risks from activities managed by appointed agents.

Risk management and control functions independent of the risk-taking business units are the second line of defence. They provide appropriate day-to-day risk oversight and control. These functions include risk management, legal and compliance, information and technology risk management, reputational risk management, and tax and finance. While they each have their defined set of responsibilities, they also work collectively to provide the requisite checks and balances to the risk-taking activities of GIC’s investment groups.

Our Internal Audit Department (IAD) forms the third line of defence. IAD provides independent assessment and assurance on the adequacy and effectiveness of our internal risk management controls. It reports functionally to the Chairperson of the Audit Committee, and administratively to the CEO.

Policies, guidelines, and processes are established to ensure consistency and clarity across the firm, while reducing the likelihood of significant unexpected losses to the assets under management. The policies and guidelines translate our investment mandate and risk management principles into standards that guide our day-to-day activities. For example, the group-wide investment approval framework sets out the approving authorities for investments based on size. Another example is the cost-of-capital framework which determines an appropriate performance hurdle for each active strategy that includes the cost of funding these strategies and a premium for additional risk undertaken. We identify, measure, report, and monitor all the risks that are assumed. GIC employs a suite of measures including volatility, risk concentrations, sensitivities to risk factors, liquidity profile, and expected shortfall to identify and analyse the risks in the portfolio from both top-down and bottom-up perspectives. Each measure is designed to highlight a specific aspect of the portfolio that could lead to an undesirable outcome. These statistical measures are supplemented by a set of stress tests and scenario analyses. Reverse stress tests further help to identify otherwise undetected risks that could lead to large or sustained drawdowns. The risk management function sets and monitors performance and risk review thresholds independently to highlight potential changes in risk-taking behaviour and inconsistencies with the stated risk and return assumptions.

Legal and regulatory risks relate to uncertainties in the interpretation and application of laws and regulations, the enforcement of rights or the management of potential litigation, and breaches in contracts, laws, or regulations. Compliance risk refers to the risk of legal or regulatory sanctions, financial penalty, or reputational damage arising from non-compliance with applicable laws and regulations.

GIC’s compliance programme comprises robust policies, procedures, effective controls, monitoring, surveillance, and the enforcement of disciplinary actions against violations or misconduct. The implementation of a rigorous compliance programme is underpinned by a strong culture of ethics, risk management, and compliance. All staff are required to observe the policies and procedures set out in GIC’s Compliance Manual (incorporating the Code of Ethics), comply with all applicable laws and regulations, uphold exemplary conduct and the highest ethical standards, and act with integrity at all times. Regular and targeted in-person and online training is conducted, and an annual Compliance and Risk Refresher Training and Quiz is administered to reinforce awareness and understanding of key compliance and corporate policies and strengthen GIC’s risk and compliance culture. The compliance programme also requires that all staff adhere to their confidentiality obligations and responsibilities.

The investment and operations teams collaborate with the legal and compliance function to manage legal, regulatory, compliance, and reputational risks arising from the group’s investment and operational activities. The legal and compliance function monitors compliance with applicable laws and regulations, including but not limited to: laws on securities trading and investment, competition law requirements, financial crimes and sanctions compliance, licensing, and regulatory approvals and reporting. Emerging legal and regulatory issues and proposed regulatory changes are also closely monitored. Additionally, the in-house legal team works with external lawyers to address legal risks.

GIC’s Tax Governance Framework underscores our commitment to be compliant with the tax laws, rules, regulations, and obligations set by the respective governments of the jurisdictions in which we invest and operate in. We ensure that tax-related decisions are handled with professional skill, care, and diligence and with the relevant documentation that evidences the facts, considerations, and decisions taken. We seek written advice, opinion, or confirmation from independent external professional expertise, where appropriate, to substantiate our tax positions. Our tax positions and obligations are clearly represented in line with applicable tax laws and regulations. We also engage with tax authorities in an open, constructive, and professional manner.

All investment and operations staff are required to identify, evaluate, manage, and report risks in their own areas of responsibility and to comply with established risk policies, guidelines, limits, and procedures. For example, new investment products or strategies are subject to a risk identification and assessment process conducted by a cross-functional group. This ensures that all risks associated with the new product or activity are identified and analysed prior to investment or engagement. We must be satisfied that the required people and infrastructure, including systems, risk modelling, procedures, and controls, are in place to manage these risks before the investment is permitted. We continuously assess the control environment to ensure that any control weakness is promptly identified and addressed. Policies and procedures are established to safeguard the physical security and integrity of GIC’s technology and data assets. Throughout the year, internal and external auditors scrutinise all operations and business processes. Any deficiencies identified must be addressed within set time frames and reported to senior management.

As GIC adopts advanced information technologies (IT), we recognise the importance of having strong cyber security defences and robust internal controls for our operating environment. A dedicated team of cyber security and IT risk management professionals maintains our cyber defence capabilities, as well as oversees technology operations and the use of IT across the organisation. With the evolution of our business and the IT landscape, we continue to invest in people, processes, and tools to protect GIC’s technology resources and information. GIC also engages independent external professional expertise to augment internal resources where applicable.

GIC adopts a strong control orientation in managing counterparty credit risk, trading only with financially sound and reputable counterparties. A stringent selection and approval process is in place to appoint counterparties. We review the counterparties and monitor our counterparty exposure against set limits. Counterparty profiles are regularly reported to senior management. Other measures to mitigate credit risk include using netting agreements and programmes requiring counterparties to pledge collateral.

Managing reputational risk is part of GIC’s overall risk management framework. Our governance and investment processes ensure that we exercise caution and do not take on undue reputational risk in our pursuit of returns.

We maintain a robust crisis management and business continuity programme to ensure that the organisation is well-equipped to respond to crisis events including but not limited to threats to staff safety or the continuity of GIC’s business operations. Ensuring business continuity is a coordinated effort that involves representatives from all of GIC’s offices and departments. The Business Continuity Management (BCM) Steering Committee, chaired by the Chief Operating Officer, oversees the development and review of GIC’s overall BCM framework and reports to GIC’s Group Executive Committee. The BCM Steering Committee manages crises with the BCM Working Group and local BCM Incident Management Teams which implement response activities on the ground. During a disruption, they collectively ensure consistent communication, coordination, and monitoring across GIC globally as well as timely activation of business continuity plans. Additionally, the local teams adjust and implement measures based on the latest local standards and developments. We also leverage technology for the efficient management of our business continuity programme. A standardised tool for GIC’s risk assessment is used for data collection, analysis, and development of strategies. The tool serves as the central repository for all BCM resources, enabling clarity and transparency.

GIC’s BCM programme was established in 1999. To meet evolving standards and business needs, our business continuity plans are reviewed regularly through external certifications and internal exercises. Our global programme is certified under ISO 22301, the international standard for business continuity management.

People are at the heart of our business. Our PRIME values serve as the compass in the management of our people, processes, and portfolio. The assessment of these values is included in our staff appraisals. We require our staff to conduct themselves in an exemplary manner at all times and uphold GIC’s fiduciary duty to the Client. This includes observing the applicable laws and regulations, as well as GIC’s internal policies and procedures. Consistent with our long-term orientation, GIC’s remuneration policies and talent practices support and reinforce a prudent risk-taking culture as well as recognise and reward our people on the basis of long-term results, behaviours, and PRIME values.

Retaining our organisational resilience, agility, and ability to take calculated risks are long-term critical issues. We are committed to developing our employees to their full potential through learning programmes and growth opportunities. We continue to develop a strong leadership bench for GIC, build new investment capabilities, and extend our investment and operating platforms, while reinforcing organisational culture and conduct.