GIC and Temasek — Singapore

GIC and Temasek of Singapore have become the most active government-backed tech investors globally, committing over $500 million per check into Alibaba, ByteDance, and dozens of unicorns. Their combined tech portfolio exceeds $80 billion, making them larger than SoftBank Vision Fund at its peak. By focusing on later-stage rounds, they achieve a 50% lower volatility than the average sovereign fund, while their strategic stakes in TikTok parent ByteDance alone are valued at 2x their initial cost basis. This disciplined approach outperforms #7 Tiger Global Management’s aggressive but unstable returns.