GIC develops in-house secondaries abilities

The Singaporean sovereign wealth fund is growing its team to do secondaries transactions in-house.

GIC Private Limited, formerly known as the Government of Singapore Investment Corporation, is growing its secondaries team in order to process secondaries transactions in-house, according to two sources.

In February, ex-Newbury Partners vice president Brian Kapetanis moved across to GIC to develop GIC’s capabilities. Kapetanis’ profile on professional networking site LinkedIn confirms he’s been a San Francisco-based GIC employee since February.

Secondaries Investor understand Kapetanis was hired as part of GIC’s structural development to grow its inhouse capabilities.

Newbury Partners declined to comment. Kapetanis and GIC could not be reached for comment at press time.

GIC has committed to Vision Capital’s $626m Fund II, according to PEI data, and has been active on the secondaries sell-side. In 2012, GIC sold a portfolio of private equity interests to the secondaries arm of Credit Suisse Group, CS Strategic Partners, according to PEI data.

It has also been active in the co-investment sphere: with the Kuwait Investment Authority and Hong Kong Monetary Authority, GIC acquired a 10 percent stake in CVC Capital Partners in September, making it the company’s third (known) investment deal with a private equity general partner, following similar deals with Apax Partners and TPG Capital.

GIC has an 11 percent allocation to private equity and infrastructure, including buyouts, mezzanine, secondaries, turnaround, distressed and venture capital funds, with the latter being the focus of the sovereign wealth fund’s investment strategy.

In April 2014, the firm officially opened a new office in Brazil, its 10th worldwide, to focus on investment opportunities in Latin America, according to PEI data.