AVP, Valuation Control - Real Estate focus

GIC is one of the world’s largest sovereign wealth funds. With over 2,000 employees across 11 offices around the world, we invest in more than 40 countries globally across asset classes and businesses. Working at GIC gives you exposure to an extraordinary network of the world’s industry leaders. As a leading global long-term investor, we Work at the Point of Impact for Singapore’s financial future, and the communities we invest in worldwide.

Global Investment Services

GIS provides strategic investment services and financial management across GIC’s public and private market asset classes. Leveraging data and emerging technologies, the department drives the development and execution of business infrastructure plans while shaping scalable, agile, and resilient operating models that enable growth and deliver operational excellence.

GIS provides operational expertise spanning market settlements, transaction management and execution, investment data operations, portfolio finance, valuations, accounting, and tax services, as well as portfolio administration.

Investment Controllership

You will be part of a team with wide roles and responsibilities, covering governance and operations over the investment life cycle of private market investments, including execution of select pre-deal and post-deal due diligence as well as accounting and reporting. You will work collaboratively with different parties to achieve the delivery of comprehensive investment services. This role will also provide you with opportunities to engage with various types of service providers that form the wider ecosystem of Investment Controllership.

What impact can you make in this role?

You will be part of a dynamic team that provides independent valuation oversight and control across Private Market investments, including Private Equity, Real Estate, Infrastructure, and Cross-Strategy portfolios. In this Real Estate–focused role, you will act as an independent check on the fair value of a diverse property portfolio — critically reviewing and challenging valuations prepared by external appraisers and general partners— and safeguarding the integrity, accuracy, and governance of reported marks. Operating independently of the deal and asset-management teams, you will ensure that valuations comply with the relevant fair value framework (e.g., IFRS 13 / ASC 820), internal valuation policy, and recognized industry standards.

What will you do as an AVP in the Valuations team?

Valuation Review and Oversight

• Lead and assist in reviewing valuation models and methodologies for Private Market assets, with a primary focus on Real Estate.
• Critically assess valuation assumptions, inputs, and outputs to ensure they align with market practices and firm-wide valuation policies.
• Independently review and challenge valuations across a broad range of property types — office, retail, logistics/industrial, residential and multifamily, hospitality, and mixed-use — assessing the appropriateness of the methodology and key inputs (cap rates, discount rates, growth and reversion assumptions, market rents, vacancy and downtime).
• Scrutinize the full spectrum of real estate valuation approaches, including income/direct capitalization, discounted cash flow, comparable sales, and cost/replacement methods, and reconcile differences between them to arrive at a defensible fair value.
• Apply specialist judgment to complex situations, including development and transitional properties (residual land valuations, cost-to-complete and contingency assumptions, development margins, phasing and lease-up, and risk-adjusted discount rates), triple-net (NNN) lease assets (covenant-driven, bond-like valuations sensitive to tenant credit, lease term and escalations, and spread to reference rates), and the treatment of deferred tax liabilities (DTL) and latent capital gains within fair value and cross-border holding structures.
• Assess ground leases and leasehold/freehold interests, portfolio versus asset-level premiums and discounts, currency and hedging effects, and the correct deduction of asset-level financing before applying ownership percentages in co-investments and JVs.
• Identify and monitor key valuation drivers, risks, and sensitivities across asset classes.
• Support the establishment and enhancement of valuation risk monitoring frameworks and dashboards.

Governance and Process Control

• Ensure consistent application of valuation methodologies and adherence to internal valuation policies and procedures.
• Drive process improvements to enhance efficiency, accuracy, and documentation quality in valuation workflows.
• Coordinate and manage the valuation review cycles for Private Market real estate portfolios.
• Maintain comprehensive audit trails and documentation to support valuation decisions and governance requirements, ensuring a clear and defensible narrative for period-over-period movements.

Stakeholder Engagement

• Collaborate with internal stakeholders including Investment, Finance, Risk, and Operations teams on valuation-related matters.
• Liaise with external valuation advisors, auditors, and fund managers to ensure timely and accurate delivery of valuation data and reports.
• Review and challenge externally performed valuations, providing independent perspectives on valuation outcomes and methodologies, and defending valuation conclusions to the valuation committee and to external and internal auditors.

Analytical and Technical Responsibilities

• Conduct detailed analysis of valuation-related information, including financial statements, appraisal reports, credit reports, and cash flow models.
• Support price verification and back-testing of marks against realizations and observed market transactions.
• Contribute to management reporting and audit processes related to valuation control and governance.
• Participate in and lead valuation-related projects, including system enhancements, process automation, and policy updates.

What qualifications or skills should you possess in this role?

Academic and Professional Background

• Strong academic foundation in Mathematics, Economics, Accounting, Finance, Financial Engineering, Statistics, Real Estate, or a related quantitative discipline.
• Professional qualifications such as CFA, FRM, CPA, or a chartered accountancy designation (ACA/ACCA), and/or MRICS/FRICS, are highly desirable.

Experience

• Minimum 6-8 years of relevant experience in valuation control, real estate valuation, or risk management, ideally within Private Markets (Real Estate / Real Assets, with exposure to Private Equity, Infrastructure, or Private Credit an advantage).
• A valuation audit / assurance background focused on real estate is strongly preferred — for example, experience in a Big Four valuation or audit practice covering real estate assets, or in an internal valuation-oversight function at an institutional investor, asset manager, or real estate fund.
• Proven experience in analyzing complex financial statements, appraisals, cash flow models, and valuation methodologies for illiquid real estate assets, including development, transitional, and net-lease properties.
• Familiarity with valuation standards (e.g., RICS Red Book, IVS, IPEV, IFRS, US GAAP) and regulatory requirements related to fair value measurement.

Skills and Competencies

• Strong analytical and quantitative skills with attention to detail and sound judgment.
• Excellent understanding of valuation techniques including DCF, direct/income capitalization, comparable sales, cost approach, precedent transactions, and NAV-based approaches, and the ability to judge which is appropriate for a given asset.
• Proficiency in financial modelling and data analysis tools (e.g., Excel, VBA, Power BI, or equivalent); familiarity with Argus and portfolio valuation systems is an advantage.
• Effective communication and stakeholder management skills, with the confidence to challenge experienced deal and appraisal professionals constructively and to present complex valuation concepts clearly.
• Strong project management capabilities and ability to drive initiatives independently.
• Collaborative team player who thrives in a fast-paced, dynamic environment.

Personal Attributes

• High level of integrity and professionalism in handling sensitive valuation matters, treating independence as a discipline rather than a formality.
• Self-motivated, independent, and proactive in identifying issues, quantifying their impact, and proposing solutions.
• Continuous learner with a keen interest in evolving valuation practices and market trends.

Work at the Point of Impact

We need to be forward-looking to attract the right people to help us become the Leading Global Long-term Investor. Join our ambitious, agile, and diverse teams - be empowered to push boundaries and pursue innovative ideas, share your views, and be heard. Be anchored on our PRIME Values: Prudence, Respect, Integrity, Merit and Excellence, which guides us in how we make our day-to-day decisions. We strive to inspire. To make an impact.

Flexibility at GIC

At GIC, our offices are vibrant hubs for ideation, professional growth, and interpersonal connection. At the same time, we believe that flexibility allows us to do our best work and be our best selves. Thus, our teams come into the office four days per week to harness the benefits of in-person collaboration, but have the flexibility to choose which days they work from home and adjust this arrangement as situational needs arise.

GIC is an equal opportunity employer

GIC is an equal opportunity employer, and we value diversity. We do not discriminate based on race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment.

Please email grphrodtaops@gic.com.sg at any point of the application or interview process if adjustments need to be made due to a disability.

Learn more about our Global Investment Services department here: https://gic.careers/departments/global-investment-services/