GIC held 56% equities, 22% fixed income and 22% real assets at 31 March 2026. Its portfolio combines listed securities with private-company investments, infrastructure and property across the world. The real-assets allocation is a substantial part of the fund, while the Americas account for more than half its reported geographic mix.
Key takeaways
- GIC's portfolio combines company ownership, lending and a substantial real-assets allocation. At 31 March 2026, GIC held 56% equities, 22% fixed income and 22% real assets, with the equity figure including both public and private investments.
- GIC's 22% real-assets allocation extends beyond property and infrastructure to commodities and gold. GIC reports adding exposure to commodities, gold and infrastructure to improve resilience to inflation, but a real-assets label does not make every holding a reliable inflation hedge.
- The Americas account for more than half of GIC's reported geographic mix. The Americas represented 53% of GIC's portfolio at 31 March 2026, against 22% Asia Pacific, 19% Europe, Middle East and Africa, and 6% classified as global.
- GIC's three-category disclosure is not enough to calculate an exact liquid-versus-illiquid split. GIC's 22% fixed-income allocation includes corporate debt, loans and other instruments beyond government bonds, while private-company and real-asset investments can require long holding periods and further capital.
What is GIC's actual asset allocation?
The 2025/26 report, Table 2, discloses the three broad asset groups below. The 56% equity figure includes both public and private investments. The report does not provide their separate current weights.
At 31 March 2026: equities 56%; fixed income 22%; real assets 22%. Source: GIC 2025/26 report, PDF page 14; chart data (CSV). The figures describe actual holdings at that date. They do not establish how much of the portfolio can be sold quickly.
A year earlier, the equivalent mix was 51% equities, 26% fixed income and 23% real assets. GIC says it increased investments in US equities during the year. The change in reported weights also reflects market movements, so a five-percentage-point rise in equities should not be read as a five-point net purchase.
How does GIC own companies?
GIC's public-equity teams describe selecting companies for quality and long-term business durability, using fundamental research and concentrated positions within their strategies (investment implementation). That is a description of how those teams invest, not a disclosure of the concentration of the entire fund.
In private markets, GIC invests directly and through funds. Its private-equity activities span buyouts, growth companies, venture capital and special situations, with a network of more than 100 active fund managers. Direct investing includes minority equity positions and debt financing in buyouts. These relationships provide access to businesses and transactions that are unavailable through a listed share portfolio.
Technology investment extends across venture, growth and public markets. A company can therefore remain within GIC's investment universe as it raises private capital and later lists on an exchange. From a portfolio-construction perspective, the company's customers, profits and valuation still matter more than whether its shares are currently listed.
What is inside the 22% real-assets allocation?
GIC reports adding exposure to commodities, gold and infrastructure to improve resilience to inflation (report, page 13). Its real-assets category therefore extends beyond property and infrastructure alone.
GIC's infrastructure department mainly invests in private assets with visible cash flows and potential inflation protection. It combines mature assets in developed markets with higher-growth investments in emerging markets, and also uses infrastructure funds, debt and structured listed investments (report, page 24).
Its property investments span offices, retail, residential, industrial and hospitality assets, alongside data centres, life-sciences facilities and healthcare properties. GIC also invests in real-estate-related debt. Its teams work on leasing, tenants, capital improvements and market positioning to support income and asset values.
These are operating investments as well as financial claims. Rent reviews or regulated charges may help some assets respond to inflation, but the details of each contract matter. Higher interest rates, refinancing costs, vacancies or unexpected maintenance can still damage returns. A real-assets label does not make every holding a reliable inflation hedge.
Where is GIC's portfolio invested?
The Americas represented 53% of GIC's portfolio at 31 March 2026. The remainder was 22% Asia Pacific, 19% Europe, Middle East and Africa, and 6% classified as global (Table 3).
Americas 53%; Asia Pacific 22%; Europe, Middle East and Africa 19%; global 6%, at 31 March 2026. The global category covers investments such as funds, commodities and supranational debt without geographic details. Source: GIC 2025/26 report, PDF page 14; chart data (CSV).
GIC generally invests outside Singapore, with exceptions for Singapore companies with global operations (report). Its largest investment market is the United States. The Americas figure is broader than the US, so the two should not be treated as interchangeable.
This makes GIC a useful contrast with Temasek, whose large Singapore company stakes reflect a different portfolio history. Being owned by the same government does not produce the same geographic exposure or way of owning businesses.
How does GIC combine growth and liquidity?
Fixed income provides a substantial 22% allocation, but it includes more than government bonds. GIC's capabilities span government and emerging-market bonds, corporate debt and loans, convertible securities and other instruments (report, page 23). Some contribute credit risk alongside income.
Meanwhile, private-company and real-asset investments can require long holding periods and further capital. Their valuations may update less frequently than listed prices, which can make reported returns appear smoother without removing economic risk. The disclosed three-category mix is not enough to calculate an exact liquid-versus-illiquid split.
The construction challenge is to own growth assets and long-lived cash flows while retaining the ability to meet obligations and invest when opportunities arise. GIC's scale, internal teams and external relationships support that approach. They also make it difficult to reproduce simply by buying three retail funds with similar labels.
What can an individual investor learn from GIC?
GIC shows how company ownership, lending and real assets can coexist in a global portfolio. The 22% real-assets allocation provides a concrete contrast with Norway's small unlisted holdings. It also shows why asset names alone are insufficient: private equity remains business risk, and a bond fund can take substantial credit risk.
Before adding a new investment, identify its underlying source of income, where its customers are and how quickly you can sell it. Those questions are more useful than trying to match GIC's broad percentages without access to the same investments. See all five sovereign portfolios compared for the other approaches.
FAQ
What is GIC’s actual asset allocation?
At 31 March 2026, GIC reported 56% equities, 22% fixed income and 22% real assets. Equities include public and private investments; the current report does not disclose their separate portfolio weights.
Where does GIC invest?
At 31 March 2026, GIC reported 53% in the Americas, 19% in Europe, the Middle East and Africa, 22% in Asia Pacific and 6% classified as global. GIC generally invests outside Singapore.
Why does GIC invest in real assets?
GIC invests in infrastructure and property for long-term cash flows, potential inflation protection and diversification. The investments still carry valuation, financing, operating and liquidity risks.
