Temasek Holdings Pte and Government of Singapore Investment Corp. raised about US$9.9 billion ($13 billion) from international investors over the past year, selling more debt and equity than any other state investment firm.

Temasek, based in Singapore, sold almost US$6 billion of bonds since October last year. Temasek-controlled Mapletree Industrial Trust and Global Logistic Properties, GIC’s overseas logistics unit, raised $5.1 billion selling shares in October, accounting for 10% of the record initial public offerings in the Asia-Pacific region that month, according to data compiled by Bloomberg.

 

Sovereign investment firms with stakes in government-linked companies and real estate are increasingly turning to private investors for funds and are using debt to increase leverage as they reduce state exposure. GIC and Temasek may continue to take advantage of the capital inflows into Asia as the region’s economic growth outpaces the rest of the world.

 

“People might see them as less sovereign going forward in the sense that they are less reliant on government revenues to drive things,” said Melvyn Teo, associate professor of finance at Singapore Management University, who has consulted for state wealth funds. “It’s a way for them to take advantage of investment opportunities now, despite not having a lot of ammunition to do so.”