Singapore-based sovereign investor GIC is exploring the sale of private equity fund stakes with a net asset value of at least $1bn, according to a report by Bloomberg citing people familiar with the matter.
The planned divestment may include holdings across approximately 30 funds managed by global private equity firms such as Blackstone, Apollo Global Management and TDR Capital, with an average vintage of 2016 and individual stakes typically of around $100m.
The process is being advised by Evercore and reflects GIC’s use of the increasingly active secondaries market to reallocate capital amid slower primary fund-deployment and exit markets. The final value of the carve-out and the number of underlying funds remain fluid, with GIC reportedly open to cancelling the process if pricing does not meet its threshold.
