GIC appoints private equity and real estate chiefs

Singapore's state-backed investment vehicle has appointed Tay Lim Hock as president of GIC Special Investments, replacing Teh Kok Peng (pictured), and Goh Kok Huat president of GIC Real Estate.

The Government of Singapore Investment Corporation (GIC) has made several changes to its executive ranks.

In a statement on its website, the larger of Singapore’s two sovereign funds said Tay Lim Hock, deputy president of GIC Special Investments since July 2010, will be appointed president of the unit, which is in charge of allocations to private equity. He replaces Teh Kok Peng, who will take on the role of chairman at GIC's China Business Group.

In addition, Goh Kok Huat, deputy president of GIC real estate since July 2010, will be appointed president of the unit, replacing Seek Ngee Huat who will go on to chair GIC's Latin America Business Group. Lim Chow Kiat, president of GIC’s European interests since September 2009, will be appointed president of GIC Asset Management. Lim will be replaced by Jeffrey Jaensubhakij. The appointments will be effective 1 July.

GIC deputy Chairman and executive director, Tony Tan said the organisation “builds its competitive advantage through an investment strategy of 'integrated diversity'. There are unique investment opportunities in the new financial landscape, especially in the emerging markets, which call for GIC to operate as one integrated organization while mining the expertise in GIC's range of asset classes. We do this without compromising ‘Chinese Wall’ separations.”

News of the appointments comes a week after Singaporean Prime Minister Lee Hsien Loong succeeded his father Lee Kuan Yew as chairman and director of GIC.

In April, GIC acquired a minority stake in global firm TPG Capital alongside Kuwait Investment Authority. The transaction marked GIC’s second acquisition of a stake in a Western private equity firm. In February 2009, the Singaporean SWF partnered with Australia’s Future Fund and a third investor to buy a stake of around 10 percent in Apax Partners.