The story
Founded by Goh Keng Swee on May 22, 1981, in Singapore.1
In 1981, Goh Keng Swee, then first Deputy Prime Minister and Chairman of the MAS, saw the trend of Singapore's rapidly growing foreign reserves and decided to invest Singapore's reserves for the future of the nation and the welfare of its people. He was advised by the British merchant bank, N M Rothschild & Sons, and established the GIC.
The government then embarked on a change in investment policy, by investing the bulk of its foreign reserves in longer-term, high-yielding assets rather than in liquid but low-yielding assets.
From Wikipedia’s article on GIC (sovereign wealth fund), shared under CC BY-SA 4.0.6