Singapore’s GIC Offloads Some PE Interests to CS Strategic Partners
CS Strategic Partners, the secondary private equity group of Credit Suisse, won the bidding to purchase a portfolio of private equity interests from Singapore’s GIC. CS Strategic Partners purchases secondary interests in private equity funds from investors needing liquidity. In the overall scheme of private equity, the secondary market is still a niche sector.
Singapore’s GIC manages those investments through its sovereign wealth enterprise (SWE), GIC Special Investments. The GIC has been keen on selling a number of private equity interests since the end of 2011. The carrying value of the sale was less than US$ 500 million and was made up of mostly US private equity fund interests.
GIC worked with UBS to manage the process.