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Singapore's GIC and Temasek
GIC 1981; Temasek 1974· Institution or agency
Fact, law or dataA rule, statute, definition or measured number.
Singapore's two state investors: GIC manages the government's reserves; Temasek owns stakes in companies.
See it on the Money & Finance map →How it works
GIC was founded in 1981 to invest Singapore's growing reserves for the long term; it does not disclose its size, but outside estimates run around $800 billion or more. Temasek, set up in 1974, holds state-linked firms such as DBS, Singapore Airlines and Singtel, plus global stakes, worth about S$434 billion in March 2025. Under the constitution, the government may spend up to half the expected long-term real returns from GIC, Temasek and the central bank, now one of the budget's largest revenue sources.
Why it matters
It shows a small country turning surpluses into a permanent endowment that funds roughly a fifth of its budget, and it makes Singapore a major global landlord.
Facts, rules and data
GIC annual reports (20-year real returns and asset mix, but not total size), Temasek's audited annual reviews and Singapore Ministry of Finance budget statements.
Debates and risks
GIC's actual size is a state secret; outside estimates differ by hundreds of billions of dollars.
Connections (2)
▸Singapore's GIC and Temasek are among the biggest global investors in Real estate as an investmentFact, law or data
The connection
GIC has invested in property since 1982 and is consistently ranked among the world's largest real estate investors, owning offices, warehouses, apartments and student housing directly and through joint ventures. In 2022 it joined Oak Street to buy net-lease REIT STORE Capital for about $14 billion. Temasek's CapitaLand Investment manages still more property.
When and why
GIC Real Estate, working from Singapore, New York, London and other offices; Temasek through CapitaLand.
How we know
GIC annual reports, deal filings and industry rankings such as PERE's.
Debates and risks
GIC rarely discloses property values, so how its office holdings fared after 2020 is unclear.
▸Singapore's GIC and Temasek manage much of Singapore's Central banks' FX reserves: about $13 trillion, ~57% in dollarsFact, law or data
The connection
Singapore splits its reserves: the central bank (MAS) holds official foreign reserves for managing the Singapore dollar, while GIC invests the government's surplus reserves for the long term, and Temasek its own portfolio. Since a 2022 law, MAS can pass excess official reserves to the government, which places them with GIC.
When and why
Singapore; GIC was founded in 1981 under Prime Minister Lee Kuan Yew, with Goh Keng Swee as its driving force.
How we know
Singapore Ministry of Finance and MAS statements, and the 2022 amendment to the MAS Act.
Debates and risks
Singapore does not publish total reserves or GIC's size, so the exact split is uncertain.