The Global Investor Programme (“GIP“) accords Singapore Permanent Resident (PR) status to global investors who intend to conduct their businesses and drive investment growth from Singapore, and meet the eligibility criteria set by the Singapore Economic Development Board (“EDB“). Interested individuals have three investment options to obtain PR status through the GIP, one of which is the investment of S$25 million into a GIP-select fund (“GIP Option B“).
On 1 June 2023, EDB announced the appointment of another seven fund management companies as GIP-select funds, namely:
(a) B Capital Group Singapore Pte Ltd;
(b) East Ventures Advisory Pte Ltd;
(c) GGV Capital Pte Ltd;
(d) HHLR Management Pte Ltd;
(e) Insignia Ventures Partners Pte Ltd;
(f) Jungle Ventures Pte Ltd; and
(g) Vertex Venture Management Pte Ltd.
The fund managers were chosen based on the eligibility criteria listed in the March 2023 Call for Proposal exercise, such as possessing a good track record of previous private equity/venture capital (PE/VC) fund management experience and funds’ performance, including:
(a) Total Assets Under Management (AUM) of at least S$1 billion;
(b) Has raised at least three funds; and
(c) A General Partner with at least 10 years of investment track record.
The GIP-select funds will invest at least 50% or S$50 million of GIP monies received (whichever is lower) from GIP Option B investors into Singapore-based companies in sectors promoted by EDB and other economic agencies. These sectors are set out in Annex B of the Media Release (available in the PDF version accessible via the below link), and could include Aerospace Engineering, Alternative Energy/Clean Energy, Healthcare, Logistics & Supply Chain Management, and Shipping.
The three-year appointment of the GIP-select funds commenced on 12 May 2023, during which time they are required to submit quarterly reports of their investment activities to EDB. Thereafter, their status will be renewed subject to a review of their local investments.
EBD’s appointment of the new GIP-select funds is part of the broader changes made to the GIP in March 2023, including a tenfold increase from the previous requirement of S$2.5 million under GIP Option B. These changes aim to direct more support to the local start-up ecosystem and the broader financial sector, generate more good jobs for Singaporeans, and create positive spin-offs for Singapore companies.
Click on the following link for more information:
- EDB Media Release titled “EDB appoints seven fund management companies as Global Investor Programme (GIP)-select funds” (available on the EDB website at www.ebd.gov.sg)
