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GIC among sovereign wealth funds powering surge in deals this year

The Straits Times

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October 23, 2025

Deep-pocketed sovereign wealth funds are helping drive a resurgence in dealmaking that has taken global merger and acquisition (M&A) volumes past US$3.5 trillion (S$4.5 trillion) in 2025.

The M&A volume is now up 34 per cent this year, putting 2025 on track to be the best year since 2021, according to data compiled by Bloomberg.

More than US$1.3 trillion in transactions were recorded in the third quarter, driven by a few mega deals.

State-backed funds from the Middle East and Asia, including Singapore, provided firepower for some of 2025's biggest transactions. Blackstone and TPG agreed on Oct 21 to acquire medical-device maker Hologic for as much as US$18.3 billion including debt, with Abu Dhabi Investment Authority (Adia) and Singapore sovereign wealth fund GIC taking minority stakes.

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