Singapore's sovereign wealth fund GIC has been pouring billions into investments this year, especially in emerging markets. We recap some of its major investments since the start of the year:
May1. Netshoes (Brazil, retail): $212 million with partners
GIC led a round of investment of about US$170 million (S$212 million) in Netshoes, a Brazilian online retailer of sporting goods.
Other investors included Temasek Holdings, Tiger Global Management, Iconiq Capital and Kaszek Ventures.
Netshoes was founded in 2000 by Mr Marcio Kumruian, its chief executive, and operates the official online store of the Brazilian national football team. It also operates online stores for brands such as Oakley, Puma and Havaianas.
The company earned 965 million Brazilian reals (S$544.5 million) last year, a 21 per cent jump from the year before.
2. Century Pacific Food (Philippines, food): $95.7 million
GIC agreed to invest 3.4 billion pesos (S$95.7 million) in Century Pacific Food (CNPF), ahead of the Philippine canned food company’s initial public offering.
The investment took the form of an exchangeable loan that GIC granted to CNPF’s parent company Century Canning Corp.
The loan was for one year but can be extended; alternatively GIC can also choose to convert the loan’s principal amount and accrued interest into 245.5 million shares of CNPF, giving it an 11 per cent stake in the company.
April3. Meguro Gajoen (Japan, property): $1.6 billion
GIC was reported to be buying Meguro Gajoen, a Tokyo office property housing the Japanese unit of Amazon.com, from US investment fund Lone Star Funds.
The price: 134 billion yen (S$1.6 billion), the highest since Japan’s property market recovery gained steam in 2013, according to Reuters.
March4. Intelligent Energy (Britain, energy): $78.7 million
GIC took a 10 per cent stake in Intelligent Energy, a British-based global power technology company, for US$63 million (S$78.7 million).
Intelligent Energy develops modular, low-carbon fuel cell systems for the consumer electronics, automotive and distributed power and generation industries. These include compact energy packs for mobile devices and power-trains for zero-emission vehicles.
5. Linx (Brazil, technology): undisclosed sum
GIC bought 5.02 per cent of Sao Paulo-based Linx, a communications technology provider, according to a filing on March 10 by Linx.
The cost of GIC’s investment was not disclosed, but Linx’s share price was about 46.4 Brazilian real in mid-March, valuing GIC’s stake at 108 million real (S$58 million).
6. BRF (Brazil, food): undisclosed sum
GIC raised its stake in food processing company BRF, based in Sao Paulo, to 4.4 per cent from 3.8 per cent.
At market prices then, GIC’s stake would have been worth 1.7 billion Brazilian real (S$913 million).
February7. Kronos Inc (US, software): $936.4 million with Blackstone
GIC was said to be tying up with private equity firm Blackstone Group to take minority stakes in Kronos Inc, in a deal that could value the human resources software company at about US$4.5 billion including debt.
GIC and Blackstone planned to invest US$750 million (S$936.4 million) in total for just over 40 per cent of the company, according to a Reuters report.
8. Phoenix Mills (India, property): $21.6 million
GIC raised its stake in Bombay-listed property developer Phoenix Mills from 1.476 per cent to 5.023 per cent, buying 5.1 million shares for 1.06 billion rupees (S$21.6 million).
It marked GIC’s fifth foreign property investment in as many months.
Phoenix Mills owns retail, residential, commercial and hospitality properties in Indian cities such as Mumbai, Pune, Bangalore and Chennai. The company’s largest shareholder is Ruia International Holdings, which owns a third of its shares, according to Bloomberg data.
January9. Iglu (Australia, property): undisclosed sum
GIC and Macquarie Capital formed a joint venture to buy a majority interest in Iglu, which provides student accommodation in Sydney and Brisbane.
GIC said the deal was the largest of its kind in the Australian student accommodation sector.
Iglu’s portfolio of three properties is worth about A$150 million (S$168 million) and comprises more than 900 beds.
10. Time Warner Centre (US, property): $1.65 billion with partners
GIC partnered with Abu Dhabi Investment Authority and US property developer Related Companies to buy one-third of the space in Time Warner Centre in New York for US$1.3 billion (S$1.65 billion).
Related Companies had led the development of the 2.8 million sq ft Time Warner Centre, which opened in 2004.
Time Warner sold the space to the consortium and will lease it back until early 2019.