Singapore’s sovereign wealth fund GIC is seeking to sell around $1bn worth of private equity fund interests, marking one of the largest secondary transactions by an Asian investor this year, according to sources close to the matter.

The portfolio includes stakes in roughly 30 funds managed by global private equity firms such as Blackstone, Apollo Global Management, and TDR Capital. The funds have an average vintage of 2016, with each stake estimated at about $100m.

Evercore is advising on the transaction, which is still at an early stage and could change in size depending on market conditions. Sources said GIC may withdraw the process if bids fall short of its pricing expectations.

The sale reflects a growing trend among institutional investors turning to secondaries to unlock liquidity amid slower exit markets. Global secondary transaction volume reached a record $103bn in the first half of the year, driven by asset owners seeking to rebalance portfolios and recycle capital into newer funds.

GIC’s planned divestment is considered routine portfolio management for the sovereign wealth fund, which also remains an active buyer of secondaries. In 2023, it acquired positions in 50 funds with exposure to over 500 underlying companies.

GIC, which does not disclose its total assets, is estimated by Global SWF to manage around $936bn globally. Its five-year annualised return as of March 2025 was 6.1%.

The move underlines GIC’s disciplined approach to portfolio rebalancing amid shifting private equity market dynamics and its continued dual role as both seller and buyer in the fast-growing secondaries space.

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