GIC explores $1bn PE fund stake sale in secondaries market
Singapore sovereign wealth fund GIC is exploring the sale of private equity fund interests with a combined net asset value of around $1bn, in the latest sign of institutional investors using the buoyant secondaries market to actively manage portfolio allocations, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that GIC has appointed PJT Partners to advise on the potential transaction, which includes interests in funds managed by several global private equity firms, including EQT, TPG Asia and KKR.
The sales process is understood to be at an early stage, with prospective buyers approached last month to assess demand. The size, structure and composition of any eventual transaction remain subject to change.
The proposed sale follows comments from GIC Chief Executive Lim Chow Kiat last month that the sovereign wealth fund had adopted a more cautious stance towards private markets and was increasingly focused on recycling capital across its investment portfolio.
The move comes as the private equity secondaries market continues to expand rapidly, providing limited partners with greater opportunities to generate liquidity before underlying funds mature. At the same time, general partners have increasingly turned to continuation vehicles to extend ownership of portfolio companies beyond traditional fund lives.
According to Evercore, secondaries transaction volumes reached $121bn during the first half of the year, representing a 19% increase from the same period in 2025. The advisory firm said activity has been driven in part by large institutional investors, including sovereign wealth funds, seeking to rebalance private market portfolios.
GIC, which manages an estimated $1.16tn in assets, has been an active participant in the secondary market. Last year, the investor launched a process to sell private equity fund interests with a net asset value exceeding $1 billion, while in June it completed a separate transaction involving up to $2bn of private credit assets.