GIC nears deal to offload US$2 billion in private credit stakes

[NEW YORK/LONDON] Singapore sovereign wealth fund GIC is finalising the sale of as much as US$2 billion of private credit assets, as it taps the booming secondaries market to manage its portfolio.

GIC hired Evercore to advise on the sale, according to sources with knowledge of the matter. The fund has been invested in private credit for a number of years and is looking to prune some of its maturing portfolio, the sources said, asking not to be identified discussing confidential information.

GIC declined to comment, and Evercore did not respond to messages seeking comment.

The Singaporean fund frequently buys and sells secondhand stakes.

Last year, it kicked off a process to sell at least US$1 billion of its private equity fund assets from managers, including Blackstone and Apollo Global Management.

Elsewhere in GIC’s portfolio, the sovereign wealth fund redeemed US$250 million from New York-based Jain Global earlier this year before the hedge fund decided to return all external cash and manage money exclusively for Millennium Management.

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The sale of private credit fund stakes is among the fastest-growing strategies in the secondaries market, with transaction volumes swelling to US$20 billion last year, up from about US$11 billion in 2024, according to Evercore.

Institutional investors are utilising the secondary market more frequently to rebalance their portfolios.

Florida State Board of Administration sold US$2.7 billion worth of private credit stakes to Banner Ridge Partners and Pantheon Ventures, Bloomberg reported last year. BLOOMBERG