Commenting on Temasek’s Pavilion Energy venture which puts the sovereign wealth fund on the frontline of upstream investment and LNG trading, SMU Vice President (Business Development and External Relations) Associate Professor of Finance Annie Koh said that Pavilion, which is in the race to replace BG as Singapore's LNG aggregator, also fits with Temasek's focus on Asia and on developing Singapore brands. With Temasek at the forefront of energy investments for Singapore, GIC is taking a back seat, she noted. Nevertheless, even for GIC, "energy is not going to run away. It may not be seen as a direct investment but it will have implications in investments that GIC is taking on," she added.