The Government of Singapore Investment Corporation (GIC) is mandated to manage Singapore’s reserves, which it does through three major entities: GIC Asset Management Pte Ltd, GIC Real Estate Pte Ltd, and GIC Special Investments Pte Ltd. It is one of, if not the world’s most sophisticated investor, priding itself of hiring always the smartest people in the room, and of putting a lot of thought behind its strategic asset allocation, its investment decisions and the general direction of the fund. AuM continues to be a mystery.