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Singapore’s GIC, whose estimated assets of more than $700bn make it one of the world’s largest institutional investors, has warned that many of the tailwinds for private equity firms “have come to an end” as a golden age is replaced by tougher market conditions.

But the investor, one of the largest backers of buyout funds, said that while a new era of higher interest rates and volatility had created challenges, opportunities were still available in the private market — a segment of the global economy to which in recent years it has significantly boosted its exposure.

Speaking ahead of its annual results on Wednesday, GIC told the Financial Times it was allocating money towards logistics, infrastructure and other inflation-insulated assets while seizing on discounted deals as some investors looked to cash out.

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