GIC puts more in tech firms but is mindful of surging valuations

Singapore

GIC has expanded its investments in technology companies, but warns that valuations have gone up substantially and it pays to be cautious and selective.

So far, it has stayed away from cryptocurrencies.

"Cryptocurrencies are not legal tender. They are not issued by any government and are not backed by any asset or issuer. There is no regulatory safeguard for investments in cryptocurrencies. We consider the surges and changes in prices of cryptocurrencies to be driven by speculation,'' Jeffrey Jaensubhakij, GIC's group chief investment officer, said.

However, blockchain is an important technology and it is actively looking at this space.

GIC's investments in technology cover all stages of the financing life-cycle of a company: seed (startup), venture capital (growth), initial pub…