The Singapore sovereign wealth fund is planning to open its 11th office globally in Sydney, Australia, following steady growth of its portfolio in the country.
GIC is confident in the long-term growth of the Australian market and believes that an on-the-ground team will enhance its ability to capture more investment opportunities there, it said in an announcement on Monday.
The new office, planned for 2022, will further capitalize on the firm's private market capabilities to generate good, risk-adjusted returns for the overall portfolio, the announcement said, adding that it would actively source for opportunities across various sectors and partner with businesses with strong long-term growth prospects.
«We believe the new office will better support the management of our existing assets and increase interaction with local partners so we can generate more value-add together,» Lim Chow Kiat, GIC chief executive officer, said in the announcement.
