GIConnect

GIC Annual Report 2025/26

GIC — Thu, 16 Jul 2026 03:48:08 GMT

The GIC Report FY2025/26 has just been released. Read it now.

Alumni Spotlight: Kathryn Leaf, CEO of Pantheon

GIC — Thu, 16 Jul 2026 03:47:36 GMT

Equally at home in the boardroom, on the water, or out in the scrublands, Kathryn shares with us her best memories and life lessons from GIC and beyond.

If you think about what the Chief Executive Officer (CEO) of a big investment company does for fun, you might imagine golf games at the country club, champagne brunches, or theatre outings with high-society friends.

But Kathryn Leaf, 51, is built different. To the CEO of private markets investor Pantheon, a great time involves venturing far from civilisation.

“I am lucky to have incredible trails – redwoods, lakes, ocean bluffs, and rolling hills – right outside our home. One of my greatest joys is being out on the mountain on a winding trail. I stay out as long as my legs can take it!” says Kathryn, who lives in California.

Kathryn showed a penchant for sports as long ago as 1995, when she joined the Women’s Boat Race – an annual rowing race between Cambridge University Boat Club and Oxford University Women’s Boat Club. The event celebrates its 100-year anniversary next year.

Reflecting on her experience with the Oxford women’s lightweight crew, she says: “It was a transformative experience that gave me the confidence to continue to step up to new challenges. I’m glad I took the risk of putting my name down on that sign-up sheet 30 years ago. That decision played a big role in who I am today.”

Kathryn in her element – the great outdoors.

Her confident and adventurous mentality continues to serve her well in her current role at Pantheon, which has assets under management of about US$85 billion and over 40 years of history. The firm invests in private equity, infrastructure, and credit across more than 3,600 funds, holds over 680 advisory board seats, and employs about 550 people in 14 offices.

Kathryn joined Pantheon in 2008 from GIC, where she was a Vice President in the North American Private Equity team in the San Francisco Office.

Back then, Pantheon hired her for a special mission: to build the firm’s infrastructure platform, which at that time was “an idea on a blank piece of paper”.

That year, of course, was also when the Global Financial Crisis (GFC) happened. “In hindsight, I was somewhat naive about the challenges of raising a first-time fund in a new asset class with the GFC as our backdrop!” Kathryn quips.

Undeterred, Kathryn pressed on, traveling the world several times over to look for investors. A year later, she got her first close on the fund, and it was officially in business.

“That was genuinely exciting,” says Kathryn. “There was no established buyer universe for infrastructure secondaries at that point, and we were effectively helping to create the market which the GFC helped to unlock.”

The infrastructure platform Kathryn created has since grown to become one of the largest of its kind globally. Her success led to her taking on the role of Co-Head of the Investment Team, and in 2025, she became CEO.

But she hasn’t forgotten the foundations laid earlier in her career at GIC. Indeed, her connection to GIC couldn’t be stronger – she’s married to Eric Wilmes, GIC’s current President (Americas). They have two children – Adelaide,16, and Jack, 14 – and as a family, they visited Singapore for the first time last winter.

Highly urbanised Singapore isn’t their typical choice of holiday destination though. Kathryn’s children are a chip off the old block and enjoy going with their parents on their expeditions off the beaten path.

“My idea of a holiday is to put on a backpack and head off into the wilderness – ideally with no cell coverage. As a family, we enjoy the outdoors and have made the most of our summer holidays doing some combination of hiking, rafting, or camping,” Kathryn says.

From left to right: Jack, Eric, Kathryn, Adelaide.

It seems fitting that Kathryn, who started a fund from scratch during one of the worst recessions ever, is inspiring the next generation to adopt the same journeyman spirit of courage and exploration that has propelled her career to where it is.

And she credits GIC, and the colleagues she met at the firm, for imparting valuable early lessons that she could take with her.

We hear more from her about this formative period in her career.

What is your fondest memory from your time at GIC?

I have lots of great memories from my time with GIC. One memory that stands out was lunchtime and sharing fabulous Asian food (although no comparison to what you can find in Singapore!).

I worked in the Redwood Shores office in the Bay Area as a member of the North American private equity team, and at that time my boss was Tay Lim Hock. Lim Hock would insist on going out for a team lunch in the neighborhood. We would all climb into his car and drive off to a local lunch spot – Chinese, Thai, Indian – most often a non-descript venue on the outside but with great food inside and a lively lunch conversation.

Taking the time to have lunch with my colleagues was a much-welcomed cultural change after having spent the bulk of my career hunched over my computer for lunch with a bland sandwich or soup. I came to realise that a career is a marathon, and it’s the small moments with colleagues along the way that make a lasting impact.

What did you take away from GIC that benefits you today?

My time at GIC was formative in a couple of ways.

First, it helped me understand what it means to be a fiduciary. Sitting on the client side of the table, I came to appreciate what institutional investors really care about. Of course, it is returns (which are table-stakes in our industry), but it is also the need for a trusted and transparent partnership, open lines of communication, and making sure you have a robust alignment of interests.

I also always welcomed a little humility from the external fund managers I covered. The reality in our industry is that everyone makes some mistakes along the way, and the fund managers who acknowledge the missteps and learn from them have an opportunity to build a more robust investment program over time and a deeper partnership with clients. One of the things that attracted me to Pantheon was the firm’s client-first approach, and this is a key part of our culture that I have been very focused on continuing to cultivate.

The other thing I took away was a deep respect for GIC’s strategic planning and vision. When I joined, the firm was already a leader in private markets. What struck me over time was that the firm never assumed that this leadership position was permanent.

There was a genuine culture of strategic self-challenge and thinking five, ten, even fifteen years out. This meant looking around the corner, identifying what skills and capabilities were needed, and then committing to making it happen.

It’s a powerful mix of both strategic vision and also strong execution. When I was there, the firm expanded into co-investments and moved into new asset classes like infrastructure. In my new role, I have sought to instill the same strategic approach, encouraging my teams to dream bigger and bolder and to commit to a plan.

Kathryn at Pantheon’s Singapore office.

Which GIC alumni are you still in contact with?

I was fortunate to overlap with a lot of great GIC alumni. While I was at GIC, I worked closely with Tay Lim Hock (whom I saw late last year in Singapore for breakfast), John Tang, Suzi Kwon, Heidi Miskin, Yvonne O’Mara, Yar Ping Soo, and David Chiang. We were a small, collegial team, and it was fun being part of GIC in those years.

Do you think keeping in touch with the GIC alumni network is important and why?

I think it genuinely matters. Finance is a relationship business, and the people you work alongside early in your career tend to stay with you in a way that later professional relationships don’t quite replicate.

Beyond the personal connections, alumni networks matter because the world is smaller than it looks. Former colleagues reappear as counterparts, as clients, as collaborators in ways you never anticipated, and staying connected means those moments of overlap are warm rather than cold. And frankly, it’s just good to know what people are up to and to stay in touch.

Three Questions with… Bryan Yeo, Group Chief Investment Officer

GIC — Thu, 16 Jul 2026 03:47:02 GMT

Get to know our GCIO and his new investment ideas and strategies to position GIC for the future.

Bryan Yeo was appointed Group Chief Investment Officer (GCIO), effective April 2025. He joined GIC in 2003 and has held roles including Head of Credit Markets, Head of Fixed Income Americas, Head of Credit Research and Strategy, Director of the Integrated Strategies Group, and Chief Investment Officer for Public Equities.

As GCIO, Bryan oversees GIC’s total investment portfolio and works with investment group heads to develop and manage investment strategies across all asset classes. Over the last year, he has been working on setting GIC up for long-term success in an increasingly uncertain global landscape.

We caught up with Bryan to learn more about him as an investor and as a leader, as well as understand how he is positioning GIC for the future.

Why did GIC change its investment framework?

For several years now, we have shared that the global investment landscape has changed fundamentally. Three forces are driving a more volatile and less predictable investment environment: the changing world order, rising fiscal risks, and advancements in AI. These forces pointed to the need for more flexibility and agility in our investment framework.

At the same time, since our review of our investment framework in 2012, we have continued to strengthen our active investment capabilities, build expertise in creating value for our investee companies, deepen strategic partnerships, and broaden our global network, enabling us to expand more quickly into new geographies and asset classes.

Since April 2026, we have started transitioning to a refreshed investment framework that is better adapted to the changing investment conditions. A key feature of the refreshed framework is the Strategic Portfolio (SP), which represents our Client’s risk appetite and long-term return expectation.

The SP is made up of three broad asset groups that capture the three main drivers of returns: Equities (growth), Fixed Income (income), and Real Assets (inflation). This enables us to allocate capital more nimbly and flexibly across asset classes. The GIC Portfolio will be constructed based on the principles of diversification, granularity, and agility, and will continue to consist of a broad range of strategies. Its key objective is to outperform the SP over the long term, while adhering to the approved risk limits.

Together, these changes will make the GIC Portfolio more resilient while capturing excess returns across different market cycles. I am confident it will improve our ability to fulfil our long-standing mandate to preserve and enhance the international purchasing power of the reserves under our management.

How would you describe your own approach to investing?

I would use two words: flexible and bold.

Flexible because although we cannot always get our market calls right, we can certainly improve our odds. Firstly, we can gain insights by gathering and analysing qualitative and quantitative data through various lenses – including macro, micro, and relationship-driven – and connecting all these dots can help us make better decisions. Secondly, we must have the mental agility to pivot quickly when our thesis is not playing out. Recognising and cutting our bad positions early and quickly is also key in delivering strong investment results.

Bold because investing well requires good offensive and defensive moves, as well as the confidence to be contrarian at critical points. On offence, we have to be willing to step up to take the risk when a clear market dislocation or opportunity presents itself in size and with conviction. Generational investment opportunities are to be capitalised on. On defence, capital allocation shifts and pivoting the portfolio construction are key upon early recognition of significant market and idiosyncratic risks through our multi-lens approach.

What is your leadership style like?

I encourage debate in my teams because I value diverse perspectives. As GCIO, I want to continue building a culture of openness across the firm, so that insights are shared confidently and trust is strengthened across teams and strategies. Synergising GIC’s top-down perspectives and bottom-up insights can be a strong competitive edge in capital deployment and optimising the total portfolio construction.

I also see significant opportunity for GIC to sharpen its edge by harnessing our global network, using AI more effectively, strengthening communication and collaboration, and evolving our organisational setup where needed. I believe in considering a range of outcomes, as well as acting clearly and decisively to do right by GIC.

A Lifecycle Lens on AI: Inside GIC’s Technology Investment Group

GIC — Thu, 16 Jul 2026 03:46:19 GMT

Find out more about the team spearheading our investments in this exciting new space.

Since ChatGPT took the world by storm in 2022, Artificial Intelligence (AI) has been an unstoppable force shaping the future of every industry. As the race for better Generative and Agentic AI models heats up, the Technology Investment Group (TIG) in GIC’s Private Equity department leads the charge in understanding and investing in this transformation, from early-stage startups to global tech leaders.

“TIG’s mission is to invest in category-creating and leading technology companies and deliver returns at scale,” said Chris Emanuel, Head, TIG. Based in our San Francisco office, Chris has been with GIC for 13 years, and set up TIG in 2017.

AI is a platform shift that will require innovation at every layer of the technology stack. For this reason, TIG looks at the entire tech stack – semiconductors, AI infrastructure software, the large language model (LLM) layer, and AI applications – because each layer supports the next.

Their approach supports GIC’s “three-layer lens” on AI: enablers, monetisers, and adopters. Enablers are the builders of the digital foundation – think chips, cloud infrastructure, and security systems that make AI possible. Monetisers are the software innovators embedding AI into products and services. And adopters are the companies using AI to make real-world improvements to their efficiency and growth. This lifecycle approach, investing across all three layers, helps GIC capture value as AI evolves, while staying resilient through market cycles.

What sets GIC’s TIG apart from other tech investors is its long-term mindset. The team focuses on enduring business models. They look for companies with strong fundamentals – clear moats, sound economics, and the ability to scale. Tapping GIC’s global presence, TIG can spot early innovation in one market and apply those insights worldwide. GIC’s large portfolio and network also allows TIG to act as a conduit facilitating connections between companies – for instance, its flagship event, the GIC Bridge Forum, brings together hundreds of tech founders and senior enterprise executives from around the world.

“It’s a privilege to partner with the best entrepreneurs in the world and support them as they bring to life their vision,” Chris said.

Recent investments highlight TIG in action. It has backed firms like Anthropic – whose Claude model is among the leading AI agents in the world – investing in the Series F, leading the Series G, and co-leading the Series H funding rounds which brought the company to a total valuation of US$965 billion. It also co-led a US$200 million funding round for Harvey, whose AI platform is transforming legal workflows; a CAD$750 million funding round for Wealthsimple, whose mobile application is reshaping digital finance for everyday users through AI-enabled smart features; a US$750 million funding round for Ramp, whose software helps businesses manage their expenses, pay bills, and automate accounting all in one place; and led the $500mn Series F round of Supabase, the global open-source Postgres development platform which safely organises and stores computer data. Each investment represents a different stage in the AI value chain, reflecting TIG’s belief in diversification.

Ultimately, TIG’s work is about translating technological change into long-term value for the GIC portfolio. By combining curiosity with discipline, and innovation with stewardship, the group is helping GIC stay ahead in a world where technology is rewriting the rules of business – and doing so with a steady hand and a clear purpose.

“It’s a privilege to lead something this important – and an even greater one to do it alongside colleagues in TIG whose ambition inspires me daily,” Chris said.

For a closer look at how GIC approaches AI investing, check out the Feature Article in the GIC Report.

GIC Commemorates Singapore’s 60th Birthday

GIC — Thu, 16 Jul 2026 03:42:20 GMT

Read about our public education and social impact campaigns, launched in conjunction with SG60.

On the occasion of Singapore’s 60^th birthday, GIC launched a brand campaign titled “Invested in Our Future”.

The campaign helps the public better understand GIC’s purpose – to secure Singapore’s financial future. It reinforces GIC’s role as a global long-term investor that preserves and enhances the nation’s reserves, supporting Singapore’s long-term success and stability for generations to come.

At the heart of the campaign is a short film, “Our Journey with Singapore”, which brings our purpose to life.

We also ran a global, year-long volunteering campaign called “Invested in Good”. Throughout the year, GICians organised and participated in activities supporting causes they care about. In May, we also held our annual PRIME Impact initiative to commemorate GIC’s founding. This saw GICians across offices volunteering with community partners to create impact in their local communities.

This financial year, over 1,200 GICians contributed around 8,400 hours to serving the community, reaching over 21,700 community members globally.

GIC’s Commitment to Inclusion

GIC — Thu, 16 Jul 2026 03:41:42 GMT

Our efforts to build a workplace where everyone has a place and is valued.

We believe that diverse perspectives allow us to generate better ideas, make better decisions, and build a more resilient organisation. Beyond diversity, a culture of belonging and inclusion enables us to unlock each individual’s potential and harness the strengths of diverse teams.

Each year, we reinforce our belief that everyone should feel comfortable to bring their authentic selves to work through initiatives that promote inclusion and belonging.

Fireside Chat with Minister Indranee Rajah

We had the honour of hosting Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development, on 10 March 2026 for an exclusive fireside chat with our Chief People Officer Deanna Ong.

This session was organised in partnership with the Financial Women’s Association of Singapore, and featured a networking lunch for attendees to share perspectives and commitment on gender parity in the financial sector. An honest conversation touched on a variety of topics from the importance of mentorship to the role organisations play in shaping inclusive policies.

“Check For Excellence” Brand Campaign

Our employer brand campaign, “Check for Excellence” recognises women whose strengths and values reflect true excellence, while reaffirming our commitment to attracting and developing exceptional female talent who will shape GIC’s continued success.

This campaign supports our goal of attracting, developing, and retaining exceptional women who contribute fresh perspectives and drive strong performance. By highlighting how we hire based on excellence, it reinforces our meritocratic culture and demonstrates how diversity, including gender diversity, enhances decision‑making and innovation.

We aim to broaden the pool of women candidates while maintaining excellence as the foundation of every hire. Recruiting women whose values align with GIC’s culture is not only part of who we are, but also a business imperative. Diversity drives better decisions and innovation across teams, strengthening GIC's ability to navigate complexity and deliver sustainable long‑term performance. It’s not about ticking diversity boxes; it highlights the importance of valuing everyone’s abilities and character, ensuring they receive the right support and opportunities to grow.

Disability Inclusion

We are proud to be conferred the Enabling Mark (Gold) in 2025, a national-level accreditation framework that benchmarks and recognises organisations for their best practices and outcomes in disability-inclusive employment, by SG Enable, Singapore’s focal agency for disability inclusion. We were first awarded the Enabling Mark (Silver) in 2021.

Since 2023, GIC has taken part in the annual contingent march at The Purple Parade. Our employees – with and without disabilities – come together to promote awareness and celebrate abilities of the disabled. The wholehearted support of our employees means that our contingent is among the largest at the event!

GIC supports inclusive employment of PWDs under our GIC Enable Programme (GEP), opening channels for individuals to be employed in GIC and beyond. This aligns with our broader organisational and social commitment to help build communities that are confident and prepared for the future.

Through our GEP programme, we offer internships to undergraduates with disabilities with the possibility of full-time conversion. We aim to contribute to a more equitable society, and believe the GIC internship will go a long way towards building up the students’ professional experience and confidence, and open more pathways and opportunities for them.

At GIC, we believe talent comes in many forms, and we also invite experienced professionals with disabilities to join us.

To find out more about disability inclusion at GIC, click here. If you know someone who might be keen to explore opportunities with us, do share this with them too.

Milestones Around the World

GIC — Thu, 16 Jul 2026 03:40:58 GMT

Flagship events, office relocations, and more.

Here are some highlights of an eventful year for GIC.

Bridge Forum Summit

In May 2025, the 2025 Bridge Forum Summit in San Francisco brought together more than 250 tech founders and senior enterprise executives from around the world for an exploration of one of the most transformational forces shaping our future: artificial intelligence (AI).

The Bridge Forum is GIC’s way of bringing together our network of tech founders with leading enterprises to connect, share insights and do business together.

With more than US$1.6 trillion in enterprise value represented, the event featured high-impact discussions on data strategy, enterprise culture, content creation, robotics, the future of AI-enabled business models, and more. In addition, GIC curated nearly 500 one-to-one meetings between founders and leading enterprises, forging new connections and opportunities across the tech ecosystem.

Bridge Forum Connects

In September 2025, we held our second Bridge Forum Connects event in India.

Bridge Forum is GIC’s platform that convenes GIC’s large network of global business leaders and luminaries with start-up founders to curate connections, share exclusive insights, and drive impact. Bridge Forum Connects offers a focused event where senior decision-makers engage in in-depth discussions on the latest technological innovations and investment opportunities. The event is intended to strengthen GIC’s brand in the local markets and add value to buyers and sellers in the AI ecosystem by making meaningful connections.

More than 100 founders, CTOs, global partners, and senior executives from companies including OpenAI, HDFC Bank, ICICI Bank, Axis Bank, Airtel, Eleven Labs, Temporal, Arize, Sanas.ai, Orkes, and Gnani.ai came together at IF.BE Mumbai to exchange ideas and share best practices in leveraging artificial intelligence to transform their organisations. The IF.BE is a creative and cultural space converted from a 10,000 square feet 150-year old ice factory in the city’s heritage precinct, providing a fitting backdrop for an evening of meaningful conversations.

GIC Insights Returns for 10ᵗʰ Edition

In November 2025, more than 400 global business leaders, investors, policymakers, members of the GIC Board, and our Client gathered for GIC Insights 2025, our annual flagship thought leadership event.

This was the 10^th run of GIC Insights, and the discussions spanned geopolitics, technology, and capital markets, offering insights on navigating uncertainty and seizing opportunities amid rapid change. The theme, “History Awaits”, reflects the inflection point we are facing, as transformative forces are redefining geopolitics, technology, climate, and investing.

GIC Insights brings together investors and business leaders from around the world to discuss the long-term issues shaping the economy and investment landscape. Over the years, it has fostered meaningful dialogues and forged valuable partnerships, helping us stay ahead of the trends that matter most to the future of business and investing.

Partnership Forum

Nearly 170 senior leaders from across GIC’s global network and employees gathered in New York City from 24 to 25 March 2026 for GIC’s Partnership Forum 2026.

Established in 2018, GIC Partnership Forum is a biennial event which brings together Chairs and Chief Executive Officers from our portfolio companies, industry leaders, founders, and GIC Industry Advisors (GIAs). The forum convenes this group to strengthen relationships across our global portfolio, find opportunities for value creation, and enhance the insights that inform our investment decisions.

Under the theme, “Thriving in the New Global Order,” the discussions focused on a core question facing investors and operators alike: what does it take to succeed in a world shaped by technological disruption, shifting geopolitics, and constant market change?

A key focus of the Partnership Forum is the participation of Chairs and CEOs of our portfolio companies together with our GIAs, independent industry experts and directors who serve on boards alongside or on behalf of GIC. The experience that our GIAs bring strengthens our portfolio companies’ boards, supports management teams with operational expertise, and provides sector perspectives that enhance strategic decision-making and long-term performance.

Office Relocations and Renovations

Our Beijing and Japan offices moved into new premises – featuring more modern interior designs and with more space to foster effective collaboration. Our New York office was also refurbished.

Leadership and Board Movements

GIC — Thu, 16 Jul 2026 03:40:37 GMT

Mark Ong, our Chief Investment Officer for Public Equities, was appointed onto the Group Executive Committee.

Boon Chin Hau, our Chief Investment Officer for Infrastructure, was appointed onto the Group Executive Committee.

Heads of Office

Sabrina Zhu was appointed Head of Office, Beijing.
Shin Horie was appointed Head of Office, Japan.

Heads of Department

Jim Adams was appointed Director, Technology Group.
Sam Kim was appointed Director, Investment Insights Group.
Girish Karira was appointed Director, Integrated Strategies Group.
Liang Jiajie was appointed Deputy Chief Investment Officer, Fixed Income & Multi Asset.
Liew Tzu Mi was appointed Director, Portfolio Execution & Solutions Group. (She continues concurrently as Chief Investment Officer, Fixed Income & Multi Asset.)
Prakash Kannan was appointed Director, Total Portfolio Strategy Group.
Elaine Chan was appointed Director, Global Investment Services.

Global Leadership Group

The following GICians have been appointed to the Global Leadership Group:

Michael Doyle, Chief Operating Officer, Fixed Income & Multi Asset, Singapore Office
Vinit Nagarajan, Head of Private Credit Group, Private Equity, London Office
Oscar Zheng, Head of Corporate Credit and Head of Transition & Sustainable Finance Group, Fixed Income & Multi Asset, Singapore Office

On 10 July 2026, we announced changes to our senior management leadership team, which will come into effect on 1 October 2026.

Mr Choo Yong Cheen, currently Chief Investment Officer (CIO) for Private Equity, will concurrently be appointed Deputy Group Chief Investment Officer (DGCIO). In this expanded role, he will oversee private market asset classes including private equity, real estate, infrastructure, and the Integrated Strategies Group that invests in less conventional investment opportunities. He will bring his long investment experience to these asset classes to create opportunities for the total portfolio.

Ms Liew Tzu Mi, currently CIO for Fixed Income & Multi Asset (FIMA) and Director of Portfolio Execution & Solutions Group (PESG), will be appointed Deputy Group Chief Investment Officer (DGCIO). She will retain her leadership role in PESG and step down as CIO, FIMA. As DGCIO, Tzu Mi will take on an additional responsibility of overseeing total portfolio research and strategy. This will be complementary to her role in implementing GIC’s portfolio efficiently and at scale. She will apply her deep portfolio management experience to help drive capital allocation and enhance the connection between GIC’s portfolio strategy and its execution and implementation.

Mr Liang Jiajie, currently Deputy CIO for FIMA, will be appointed CIO for FIMA. Jiajie will continue in his role as Head, Global Macro. As Head, Global Macro since 2018 and Deputy CIO, FIMA since April 2026, Jiajie has been part of FIMA’s core leadership team for close to a decade. He has contributed significantly to FIMA’s expansion in its multi-asset investing capabilities including multi-asset macro, systematic investing, and different segments of credit.

Both DGCIOs will support the Group Chief Investment Officer (GCIO) and all CIOs will continue to report to the GCIO.

Since our last issue of GIConnect in July 2025, the following changes to our Board have taken place.

Stepping Down

Mr Carsten Stendevad stepped down as a member of the GIC International Advisory Board (IAB) and an advisor of the Investment Strategies Committee (ISC) on 30 September 2025. He had served on the IAB and ISC since October 2018.

Dr Mohamed El-Erian stepped down as a member of the GIC IAB and an advisor of the ISC on 31 March 2026. He joined the IAB and ISC in April 2017.

We are deeply saddened that Dr Martin Leibowitz, who stepped down as an advisor of the ISC on 30 April 2026, passed away in May 2026. Over his 17 years with GIC, Dr Leibowitz has been one of GIC’s valued advisors, making significant contributions to GIC, helping to shape our investment policies and strategies in an evolving economic landscape. In recognition of his impact and contributions to GIC, he was conferred a national award, the Public Service Star (Bintang Bakti Masyarakat), in 2021.

Appointments

Mr Bob Prince was appointed as member of the International Advisory Board effective 1 April 2026, with an advisory role on the Investment Strategies Committee. He is currently Chair of Board of Directors and Co-Chief Investment Officer of Bridgewater Associates.

For more details on the GIC Board, please refer to the GIC website.

GIC Annual Report 2024/25

GIC — Mon, 07 Jul 2025 16:00:00 GMT

The GIC Report FY2024/25 has just been released.

Alumni Spotlight: Ken Chan, Founder and CEO of Patience Capital Group

GIC — Sat, 05 Jul 2025 18:15:00 GMT

There are many reasons to like Japan: delicious food, a thriving entertainment scene, beautiful nature, the list goes on.
For us in the GIC community, here’s one more reason: pride at what our alumnus Ken Chan is achieving there.

This 57-year-old real estate investor’s company Patience Capital Group (PCG) is making moves in the Japanese property market.

For example, it plans to spend S$1.9 billion (US$1.4 billion) to transform a stretch of countryside about 240km north-west of Tokyo into a luxury mountain resort. In March 2025, PCG also announced its joint venture acquisition of Tokyu Plaza, one of the largest shopping malls in Ginza, Tokyo.

Ken (foreground) on one of his many trips to view other famous mountain resorts.

Ken is no stranger to Japan, having been born to a Singaporean doctor who lived there. Throughout the years, Ken has spent time living and working in the country, between stints in other places like Singapore and the United States.

During his nearly 20-year tenure at GIC, Ken put his understanding of Japan to good use. He not only helped grow GIC’s property portfolio in Japan, first as part of the GIC Real Estate North Asia team and later as head of GIC’s Japan office, he also led the Integrated Strategies Group efforts in Japan.

In 2019, he struck out on his own to start PCG, which today has grown to 65 staff and advisors across its Tokyo and Singapore offices. Apart from its two real estate funds and a separate account, PCG recently launched a private equity fund, marking an exciting new chapter for the firm.

Ken also holds various Board Director positions in companies such as Keihan Holdings, as well as in two community-based organisations, Christel Vie Ensemble and Hands On Tokyo, which he chairs.

Hands On Tokyo organises volunteer activities that support various vulnerable groups including seniors, children, youth, and individuals with special needs, while Christel Vie Ensemble looks after the protection and welfare of animals in Japan.

“Giving back to the community in meaningful ways and in areas that I am passionate about plays a key role in my ikigai,” Ken said.

On the home front, Ken prioritises spending quality time with his family – his wife Reisa, and his two daughters Kei and Yui – in their Singapore home.

Ken with his family.

We caught up with Ken to hear his memories and reflections of his time at GIC.

What is your fondest memory from your time at GIC?

I have so many good memories and experiences from my 19 years at GIC. If I had to choose, my fondest would be from my early years at the company.

Back then, it was known as GIC Real Estate, when GIC’s private market departments were newly corporatised as individual companies so that they could operate independently and scale up rapidly within their own asset class.

It was an exciting period as we spent a lot of time defining our identity as a global real estate investor, strategising how to differentiate ourselves from more established players, and identifying key areas for portfolio growth.

The camaraderie that we had was very strong. We were a much smaller team then, and the shared ambition to build something meaningful brought us closer together. I still remember how we even had a plaque of our mission statement made for every country office.

Looking back, this experience was invaluable when I set up PCG – for example, thinking through a company’s mission, vision, and long-term strategy. It definitely helped shape the way I built my own firm.

What did you take away from your time at GIC that benefits you till this day?

There are two key lessons that have been instrumental in shaping my growth as a real estate investor – first at GIC and now with PCG.

The first takeaway is the importance of being a long-term investor.

I had the privilege of accompanying Dr Seek Ngee Huat, then President of GIC Real Estate, on many business trips. Each time we met with a counterparty, he would always emphasise GIC’s long-term perspective as an investor and partner, often describing GIC as having “patient capital”.

That deeply influenced me, shaping my approach to leading GIC’s real estate investments in Japan. It also became the inspiration behind the name of my current company, Patience Capital Group.

The second takeaway is the value of building strong relationships, which is critical in Asia and especially in Japan.

I witnessed firsthand how GIC secured key projects despite not always being the highest bidder, thanks to its strong relationship with the sellers. A big part of my role at GIC was dedicated to developing deep networks within corporate Japan, not just in real estate but across various industries.

These strong relationships have continued to support me in my current business – some have given me access to deals, while others have invested in or advised PCG.

In fact, I was able to engage influential industry leaders, including the former Deputy CEOs of Hitachi, ANA Holdings, Mizuho Bank, and SMBC, and the former CEOs of Daiwa House and Isetan Mitsukoshi Group, to serve as Special Advisors to PCG – this is an extremely rare and valuable advantage for a newly established fund like us. Their support highlights the enduring impact of my GIC experiences.

During Ken’s time at GIC, we marked 30 years of involvement in the Japanese market.

Are you in contact with other GIC alumni? What is your relationship with them like?

During my years at GIC, I had the privilege of working with many incredible mentors and colleagues, many of whom I still keep in touch with today over meals, drinks, or golf. Some have even become close family friends.

It’s difficult to name everyone individually, as there are simply too many to mention, and I wouldn’t want to leave anyone out. However, one of the great advantages of my time at GIC – especially as the head of the Japan office – was the opportunity to build friendships across different divisions beyond real estate, including public markets, private equity, infrastructure, and corporate services.

Many of these relationships have continued to flourish even after GIC. Some alumni have invested in PCG’s funds, either personally or through their organisations, while others have even joined PCG after leaving GIC.

In fact, a significant portion of our senior team in both our Singapore and Japan offices consists of former GIC colleagues. I think this speaks to the strong sense of trust and camaraderie we built during our time at GIC, one that has carried over into new ventures and opportunities.

Do you think keeping in touch with the GIC alumni network is important, and why?

Absolutely. GIC brings together exceptionally talented individuals, all sharing that same value system that made GIC what it is today. Even after leaving GIC, the alumni carry those values into their respective fields, making a lasting impact. Staying connected with this network not only reinforces the legacy of GIC, but also provides a valuable source of support and inspiration.

A particularly meaningful experience for me was when I was setting up PCG, and I sought the advice and help of those who had done similar ventures when they left GIC. They generously shared their time, insights, and connections with me. I am really grateful for this as it made my own journey so much smoother. I am also happy to do the same for others who need help. It’s like GIC paying it forward many times over.

Ken (second from right) with his past GIC colleagues.