Why GIC’s long-term returns may be dubious, too many ‘underwater’ investments

GIC has made ‘too many’ bad investment decisions but this has not – will never – come to light. Disclosure will contradict GIC’s projected image of a good long-term investor, leading to Singaporeans questioning its competence. Its fear of transparency is therefore understandable.

To illustrate my point, let’s take a look at recent investments made during the pandemic when interest rates were at record low; majority will suffer losses or simply go bust.

1. MultiPlan Corp

2. I-Mab
3. Vnet Group

4. Thoughtworks

5. IHS

6. Revance Therapeutics

7. CI&T Inc

8. Regenxbio

9. Pagaya Technologies

10. PT Bukalapak

11. GOTO Tokopedia

12. Oxford Nanopore

13. Thai Life Insurance

The charts speak for themselves and there are of course many more similar investments, and others sitting on lesser losses.

GIC may argue that profitable investments have been able to offset its losses. But isn’t simply taking its statements at face value kind of silly?

Why can’t GIC be as transparent as Norway’s SWF?

The fund | Norges Bank Investment Management (nbim.no)

Why is there a need for GIC to conceal the hundreds of unprofitable investments from Singaporeans?