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Singapore buys 11% stake in US-based energy firm

The Government of Singapore Investment Corp (GIC), one of the world’s largest sovereign wealth funds, said Tuesday that it has purchased an 11% stake in the US-based energy-infrastructure firm AEI for $400 million.

The purchase was made through GIC’s private equity wing, GIC Special Investments. AEI owns and operates businesses in emerging markets worldwide, including China, Mexico and Argentina. Among GIC’s other recent investments were $11 billion in UBS AG in December after the Swiss bank’s US mortgage-related losses and $6.88 billion in Citibank in January. More than $100 billion in Singapore’s foreign reserves are invested abroad by GIC, the world’s third-largest sovereign wealth fund. (m&