It is an active shareholder and investor, with four key structural trends guiding its long term portfolio construction—Digitisation, Sustainable Living, Future of Consumption, and Longer Lifespans.[6] Temasek's portfolio covers a broad spectrum of sectors. Its key focus investment areas include Consumer, Media & Technology, Life Sciences & Agri-Food, and Non-Bank Financial Services.[7]
Temasek has held overall corporate globalcredit ratings of "Aaa/AAA" by rating agenciesMoody's[8] andStandard & Poor's[9] respectively since its inaugural credit ratings in 2004. It has also attained perfect quarterly scores[10] on the Linaburg-Maduell Transparency Index, a measure of the openness of government-owned investment funds. Temasek is primarily anchored in Asia, but with a global portfolio, with a 64% underlying exposure to developed economies.[11]
While Temasek is largely considered as being asovereign wealth fund (SWF), there are major differences as it invests mostly in equities, is the outright owner of many assets and companies, and pays taxes like other commercial investment firms.[12] Temasek's one-yeartotal shareholder return (TSR) was 1.60%, with longer term 10-year and 20-year TSRs at 6% and 7% respectively, compounded annually.[13] Its TSR since inception was 14%, compounded over 50 years.[14] In addition to Temasek, the Government of Singapore also ownsGIC Private Limited, a traditional SWF which manages about US$744 billion (S$1.006 trillion) of assets as of 2022[15][16] and the compulsory pension programmeCentral Provident Fund (CPF) with assets of US$397 billion (S$540 billion),[17] giving a total publicly known AUM of approximately US$1.64 trillion.
Temasek is a company incorporated under the Singapore Companies Act, wholly owned by the Minister for Finance. It is neither a government agency nor astatutory board. Like any other commercial company, Temasek paystaxes that contributes to government revenue in the countries it operates in, distributes dividends to its shareholder and has its own board of directors and a professional management team.[18]
Temasek is designated a Fifth Schedule[18] entity under theConstitution of Singapore, which imposes certain safeguards to protect the government'spast reserves. For instance, the approval of thePresident of Singapore is required for any transaction which is likely to result in a draw-down of Temasek's cashreserves.[19] The president also has the right to appoint, terminate, or renew the members of Temasek's board of directors. In most other respects, however, Temasek operates as an independent commercial investment holding company.[20]
In a 2009 speech,[21]Ho Ching, then Temasek Holdings' Executive Director and CEO, said that the company had made an effort to instill discipline and professionalism, and to be tested and measured by providing public markers of performance. She noted that Temasek's bonds spreads and credit ratings have been regularly[22] and independently[23] monitored as public markers of Temasek's financial position and credit risks. Temasek had also openly[24] and accurately[25] disclosed its financial information through its annual report (although Ho said that, as a private company, it was not legally obliged to do so).
On 25 June 1974, Temasek was incorporated under the Singapore Companies Act[1][28] to hold and manage the assets previously held directly by the Singapore government, named for anearly settlement on the island. The goal was for Temasek to own and manage these investments on a commercial basis,[21] allowing theMinistry of Finance and theMinistry of Trade and Industry to focus on policymaking.[29]
In February 2020, Temasek announced a company-wide wage freeze and voluntary pay cuts for senior management in part to help fund community programs aimed at alleviating the impact ofCOVID-19.[30]
On 1 October 2021,Dilhan Pillay Sandrasegara, the current chief executive officer of Temasek International (TI), succeededHo Ching as executive director and chief executive officer of Temasek Holdings.[31]
On 6 June 2025, Temasek announced that Senior Minister and former Deputy Prime Minister Teo Chee Hean would succeed Lim Boon Heng as chairman on 9 October 2025, after joining as deputy chairman on 1 July 2025.[32]
On 28 August 2025, Temasek announced it would create three wholly owned entities effective 1 April 2026: Temasek Global Investments, Temasek Singapore, and Temasek Partnership Solutions. As part of the changes, Chia Song Hwee will become Co‑CEO of Temasek International on 1 October 2025.[33]
Temasek's initial portfolio of S$354 million comprised shares previously held by the Singapore Government, including abird park, a hotel, a shoemaker, a detergent producer, naval yards converted into a ship repair business, a start-up airline, and an iron and steel mill.[34]
Temasek's2006 acquisition ofShin Corporation, owned by the family of then Thai prime ministerThaksin Shinawatra, was particularly controversial, with protestors burning effigies of Lee and Ho on the streets of Bangkok.[35] The deal was a factor in exacerbating theThai political crisis, which eventually led to the downfall of Thaksin and a review of the transaction's legality. Themilitary junta that overthrew Thaksin later tried unsuccessfully to force Temasek to divest a large part of its investment in Shin Corp.[36] As of 2015, Temasek's stake inIntouch Corporation (as Shin Corporation was renamed) had reduced to 42%.[37] In 2016, Temasek sold a further 21% stake in Intouch Holdings, the Thai telecoms conglomerate formerly known as Shin Corp.[38]
Beginning in 2015, Temasek began making large investments in agricultural and agricultural-related companies and ventures.[39]
By the end of the 2015 financial year, Temasek held a 51% stake inSingTel, valued at approximately $61.9 billion.[40] In April 2017, Temasek made an investment into Intapp, a provider of enterprise software. The deal also included a stake in Intapp.[41][42]
In June 2018, Temasek invested S$340 million in a minority stake in UST Global, a digital technology services company.[43]
Temasek purchased 30 per cent ofHaldor Topsoe's shares in March 2019. The investment company was selected in recognition of the value that it would add through its deep insights and connections in Asian growth and other emerging markets, according to the Danish engineering firm.[44][45] The transaction price was not disclosed.
In August 2020, Temasek Holdings added a 3.9 percent stake inBlackRock Inc, worth about US$3.5 billion, becoming one of its largest shareholders.[46] According to people familiar with the matter, Temasek was one of several players that bought the money manager's shares when PNC Financial Services Group Inc. sold a US$14 billion stake earlier in the year.[47] Temasek and BlackRock created the joint venture Decarbonization Partners, which invests in companies that work to accelerate thedecarbonization of the global economy.[48]
In March 2020, for the first time since the forming of the company, Temasek held more investments in another country than in Singapore, with 24% of assets in Singapore and 29% in China.[49]
In May 2022, Temasek was finalizing talks to lead a $50 million financing round for DotPe, an Indian startup backed byGoogle.[54]
In August 2022, Temasek led a $100 million financing round forAnimoca Brands.[55]
In April 2023, Temasek announced that it would acquire an additional 41 percent stake in Bengaluru-basedManipal Health Enterprises (MHE), resulting in a total stake of 59 per cent.[56] In October 2023, Temasek participated in a $1.7 billion fundraising round for parking technology companyMetropolis Technologies.[57]
In June 2024, Temasek was finalizing its sale of some assets from liquefied natural gas (LNG) trading company Pavilion Energy to Shell, with the deal worth hundreds of millions of US dollars.[58]
In January 2024, Temasek andEQT sold the renewable energy platform O2 Power for $1.5 billion toJSW Energy.[59][60]
In 2004, Temasek acquired HDB Corp, which was renamed in 2005 to Surbana Corp.[61] In 2008, Temasek increased its stake in the property firm Mapletree Logistic Trust to 46.9%.[62] The parent companyMapletree Investments is wholly owned by Temasek.[63][64] Temasek acquired additional shares in Keppel Land, raising its total stake to 52.9%, in October 2009.[65] It also holds shares in Keppel Land's parent company,Keppel Ltd.[66]
Temasek began a joint venture in 2011 withKhazanah Nasional and established M+S Pte. Ltd., in which Temasek holds a 40% stake.[67] They also created Pulau Indah Ventures, each holding an 50% interest.[68] In 2015, Temasek established Mandai Park Holdings, which oversees and operates various nature and wildlife parks in Singapore.[69][70] In February 2015, Surbana International Consultants and Jurong International Holdings merged to formSurbana Jurong, a wholly owned subsidiary of Temasek.[61]
Temasek acquired a 52% stake in CapitaLand Investment Management, when it was spun off from theCapitaLand Group in 2021, in which Temasek also holds a 52% stake.[71][72] Temasek also owns CLA Real Estate Holdings, which, together with Mapletree, owns Cuscaden Peak Investments.[73][74][75]
In 2015, Temasek participated in a $1.5 billion funding round forAirbnb.[39] In 2016, Temasek led a $110 million funding round for the startupFarfetch.[81][82] Later in the year, Temasek gained a minority stake inMoncler through an investment firm.[83] In August 2017, Temasek purchased a 30% stake in the Italian streetwear brandStone Island, which was sold to Moncler in 2021.[84][85]
In April 2018, Temasek led a $114 million funding round forImpossible Foods, a United States-based producer of plant-based products.[86] It subsequently participated in two further rounds totaling $700 million in March and August 2020.[87][88] Temasek led the $100 million funding round for Flywire Corporation, a global payments company, in September 2018.[89] In February 2019, Temasek co-led a $400 million funding round forDoorDash during its initial public offering.[90] In February 2019, Temasek invested inZilingo.[91]
In September 2020, through MacRitchie Investments, Temasek invested $62 million in the Indian food delivery platformZomato.[92][93] In November 2020 Temasek with Creadev led a EUR140 million series C financing of French biotechnology company InnovaFeed.[94][95] In August 2021, Temasek invested into the mobility technology platform Didi Global, and increased its holdings inBaidu,[96][97] a Chinese multinational technology firm. However, in November 2021, Temasek had reduced its shares inAlibaba by 16%, in Didi Global by 11%, and fully divested its position in Baidu.[98]
In May 2022, Temasek together with Ventury Partners led a $108 million financing round for Indian startupCountry Delight.[99] In June 2024, Temasek andFidelity invested $200 million in the eyewear retailerLenskart, at an estimated valuation of $5 billion.[100][101] In March 2025, Temasek purchased a 10% stake inHaldiram's for $1 billion.[102][103] Temasek had increased their shares inJD.com, an online retailer, by 6.1 million in 2016, before reducing it in 2025 to under 600,000. The company also reduced its stake in Alibaba to 1.85 million shares in the same year.[104][105]
In December 2024, Temasek led a $210 million funding round for cloud kitchen operatorRebel Foods.[106] In July 2025, Temasek increased its stake inErmenegildo Zegna Group, an Italian luxury apparel company, to 10 per cent by purchasing 14.1 million shares for $126 million.[107][108]
In December 2025, Temasek and its subsidiary, True Light Capital, acquired a minority stake in Italian luxury fashion brandGolden Goose.[109]
In December 2003, through its subsidiary Allamanda Investments, Temasek acquired a 5.2% stake inICICI Bank of India, which increased to 8.3% by 2007.[110][111] Temasek later reduced its shares in the company in 2010 to 5.9% and again by 1.4% in 2012.[112][113][114] Also in 2003, Temasek led a consortium that acquired a 51% stake inBank Danamon through its subsidiary Fullerton Financial Holdings.[115] The holding was sold toMitsubishi UFJ Financial Group in stages from 2017 onward.[116][117][118]
In 2004, Temasek acquired a 4.5% stake inChina Minsheng Bank for $110 million.[119][120] The share was fully divested in 2009.[121] In 2005 the fund invested over $1 billion inChina Construction Bank and acquired a 10% share for $3.1 billion inBank of China, followed by a further $500 million investment during the initial public offering of the bank. Large divestments from both banks were made in 2011 and 2012.[122][123][124]
Between February and July 2005, Temasek acquired a 72.6% stake inNIB Bank through its subsidiary Bugis Investments.[125][126] NIB subsequently purchased Pakistan's PICIC Group in 2007 for $300 million and merged both groups.[127][128] In 2017, NIB was merged intoMCB Bank, giving Temasek a 5.49% interest.[129][130] Temasek also bought a 15.4% stake in Malaysian Plantations Berhad, the then parent company ofAlliance Bank Malaysia, for $124.5 million in 2005.[131][132]
In 2006, Temasek acquired a 11.55% stake inStandard Chartered from the estate ofKhoo Teck Puat, which was increased to 18% by December 2007.[133][134] The fund invested a total of $5.9 million inMerril Lynch between December 2007 and July 2008.[135][136] Following the acquisition of the bank byBank of America, Temasek sold its stake by March 2009.[137]
In 2014, the fund increased its shares inAIA Group to over 3.5% and its stake in the H-shares in theIndustrial and Commercial Bank of China to 8.9%.[138] Temasek also participated in a $250 million funding round for Dutch payments companyAdyen in 2014[139] and purchased a minority interest inVirtu Financial, a United States-based market maker and broker-dealer in December 2014.[140]
In 2018, Temasek participated in a $14 billion funding round in Ant Financial.[141] In the same year, the fund invested, together with PayPal, $125 million inPine Labs, an Indian payments company.[142]
Temasek andWarburg Pincus acquired the Specialist Risk Group, a United Kingdom insurance intermediary and broker, for over £1 billion in September 2024.[143][144]
In 2021, Temasek invested in cryptocurrency exchangeFTX.[145] Following FTX's collapse in November 2022, Temasek wrote down the value of their $275 million investment in FTX to zero.[146] In February 2022, Temasek led a $200 million fundraising round for a Singaporean cryptocurrency financing company, Amber Group.[147] In December 2024, Temasek announced its establishment of a private credit entity whose initial portfolio amounted to $7.5 billion, which considered direct investments and credit funds.[148]
In 2024, the company launched its inaugural sustainability report, stating that portfolio emissions were cut by 22 per cent for the financial year. Their sustainability-aligned investments accounted for 12 per cent of their net portfolio value and stood at $44 billion.[149]
^Temasek, Holdings (9 July 2024)."Temasek Review 2024".Temasek Review 2024: With Tomorrow in Mind.Archived from the original on 3 July 2018. Retrieved10 July 2018.
^Francis, Rozario (23 February 1968)."A takeover of 15,000 acres".The Straits Times.Archived from the original on 12 August 2022. Retrieved12 August 2022.
^Anzolin, Elisa (19 December 2025)."Golden Goose gets new majority owner as China's HSG buys stake from Permira".Reuters. Retrieved22 December 2025.Singapore's investment firm Temasek, alongside its subsidiary True Light, has also bought a minority stake in the Venice-based maker of sneakers that retail starting at 500 euros a pair.
S$434 billion (2025)[2]
