(Though even that modern example has had its risks - there is some worry that with LKY no longer at the helm, there may have been mismanagement of government funds at the very top.)
regular reminder that some people allege mismanagement of government funds going back decades, with Singapore’s pension fund having far less assets than it should based on the returns that it claims to have achieved.
Honestly, I believe the decision to put them into a state fund instead of having options for a number of state-approved funds was a mistake.