How much did CPF fund manager GIC really earn after capital injection of more than $400 billion since 1981?

CPF members should start to question PAP on its opacity in managing our retirement savings. This is because GIC, fund manager of our CPF, has been engaged in too much propaganda and concealing material information. 😦

GIC’s phenomenal ‘growth’ has nothing to do with its performance at all because PAP has injected hundreds of billions in CPF dollars and land sales revenue since inception. In 12 years alone from 2005 to 2016, PAP channeled a total of $276 billion in CPF and revenue from land sales into GIC.

$147 bil + $129 bil = $276 bil.

We do know for a fact that GIC was managing land sales revenue for more than 3 decades because Minister Tharman said so:

Assuming very conservatively that GIC had received only half of the amount, ie $138 billion ($276 billion/2) in the preceding 24 years, ie 1981 to 2004, it should have $412 billion in AUM.


Including high rates of return, eg above 8% 20-year nominal rate in S$, in its initial years, GIC should have at least $600 billion in AUM.

However, GIC’s AUM has been reported by reputable sources to be about only US$350 billion or S$473 billion.

If figures reported by SWFI or SWC are not true – way off the mark – they should not be republished in MSM. This is because fake news will cause panic. 😦

So, how much has GIC earned after receiving more than 400 billion in CPF dollars and revenue from land sales?

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