GIC bets on emerging market tech investments

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http://www.businesstimes.com.sg/breaking-news/singapore/gic-bets-emerging-market-tech-investments-20140802

GIC, ranked the world's eighth-largest fund with US$320 billion of assets by the Sovereign Wealth Fund Institute, has taken a series of stakes in information technology companies in markets like China and India in recent months.

GIC believes emerging markets now offer better value than developed ones and is particularly interested in exploring increasing investments in their technology sectors, a senior fund executive said.

"Certainly the IT sector in China is an important sector. Not quite as big as the American IT sector, but certainly for a global investor it is something that we cannot ignore," said chief investment officer Lim Chow Kiat, speaking to Reuters in a briefing ahead of the publication of the fund's annual report.

Earlier this week, GIC invested an undisclosed sum in India's biggest e-commerce firm, Flipkart, which said it raised US$1 billion from investors. Earlier this year it also invested US$170 million in Brazilian online sport goods retailer Netshoes.