GIC meaning in Business ?

GIC Private Limited, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years. With a network of 10 offices in key financial capitals around the world, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate.

The Sovereign Wealth Fund Institute (SWFI) had estimated the fund's assets at US$744 billion.

In addition to GIC, the Government of Singapore owns another sovereign wealth fund, Temasek Holdings, which manages about SGD$381 billion of assets.