Singapore’s GIC Seeks to Sell $1 Billion of Stakes in PE Funds

Singapore sovereign wealth fund GIC Pte is looking to offload some of its private equity fund stakes, continuing to utilize the booming secondaries market to manage its portfolio.

The state-run firm initiated a process to sell holdings with a net asset value of at least $1 billion, according to people familiar with the matter, asking not to be identified as discussions are private.

The divestment may include as many as 30 funds from global private equity managers, including Blackstone Inc., Apollo Global Management Inc. and TDR Capital, one of the people said. Their average vintage is around 2016 ...