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Are GIC And Temasek Competing?

Just read this article about GIC's private equity investing. I had previously had the impression that Temasek was Singapore's high-risk public/private investment arm, while GIC was the low-risk equity plus sovereign bond fund (hence the low return from GIC). But the article makes it clear that GIC has significant private equity investment.

Can any of the Singapore experts out there clarify this? What is the division between the two? Are they now informally competing? Is there a point to this that I'm missing?