SovereignWealthFunds.comTemasek Holdings
Temasek Holdings: what it invests in
Geography Domestic and global
Temasek Holdings: how big it is, and on what basis
In US dollars: about USD 401B. Temasek publishes the USD figure; the ECB rate of 0.7763 on 31 March 2026 gives about USD 402B.
1-year return 10.5% (SGD, total shareholder return)
Temasek Holdings: what it publishes
Published 10 · Partly 0 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Temasek is a Singapore state-owned global investment company. Its net portfolio value reached S$518 billion (USD 401 billion) at 31 March 2026, now fully marked to market. It owns large stakes in Singapore champions such as DBS, Singtel and PSA, invests directly worldwide, and backs funds and platforms, with about half of each year's capital going to the United States. S4 S5 S6
Key points
- Total shareholder return of 10.5 percent in Singapore dollars for the year to March 2026, 7.1 percent a year over 10 years and 6.8 percent over 20 years. S5
- Portfolio split: Singapore portfolio companies 43 percent, global direct investments 38 percent, partnerships, funds and asset managers 19 percent. S4
- Underlying exposure: Singapore 27 percent, Americas 26 percent, China 17 percent and India 7 percent. S5
- Targets by 31 March 2031: AI-related assets up to 15 percent of the portfolio (6 percent now), core-plus infrastructure 5 percent and private credit 5 percent. S4 S5
- Invested S$37 billion and divested S$24 billion in the year to March 2026; S$371 billion invested over the past decade. S5
- Rated Aaa by Moody's and AAA by S&P since 2004, with S$22.8 billion of Temasek Bonds outstanding and a net cash position. S5 S1
- Unlisted direct investments returned 10.0 percent a year over ten years in Singapore dollars, against 6.1 percent for listed ones. S5
Interesting facts
- Its 1974 starting portfolio of S$354 million included a bird park, a hotel, naval yards, a steel mill and an airline start-up. S1
- Portfolio companies based in Singapore employ over 160,000 people there and about 400,000 worldwide. S7
- A long-standing "Yellow Pages rule" means it should not crowd out private business in Singapore. S7
Mandate and goals
Temasek describes its purpose as "So Every Generation Prospers": deliver sustainable returns over the long term as an owner and investor. It judges success on 10 and 20-year returns rather than single years. S7
- Deliver sustainable long-term returns for its shareholder. S7
- Build a resilient, forward-looking portfolio under its T2030 strategy. S4
- Steward Singapore-based portfolio companies as an active shareholder. S4
- Set aside part of returns above its risk-adjusted cost of capital for community gifts, a commitment dating from 2003. S1
- Spending rule: The Government may spend part of the expected long-term returns of Temasek and GIC through the Net Investment Returns contribution to the budget. S1
How it invests
| Industries | Financial services, Technology, Telecoms and media, Transport and logistics, Healthcare and life sciences, Consumer and retail, Renewables and climate, Infrastructure and utilities S5 S3 |
|---|---|
| Asset classes | Strategic state holdings, Public equities, Private equity, Venture capital, Private credit, Infrastructure, Real estate S5 |
| Stages | Venture, Growth, Buyout, Public markets, Infrastructure, Credit S5 |
| Geography | Domestic and global. About 52 percent of the portfolio is in Singapore-headquartered companies; roughly half of annual capital goes to the US S5 S6 |
| Direct / through funds / co-invest | Yes / Yes / Yes S4 S10 |
| Ticket size | No ticket size is published; the stated style is fewer, larger, high-confidence deals. S5 |
| Deal sizes seen | About USD 1B (Haldiram's, 2025) to USD 7B (Element Materials, 2022) in reported deals |
| External managers | About three-quarters of the 19 percent partnerships segment is funds and partnerships; the rest is owned asset managers such as Seviora S5 |
| Co-investment programme | Co-invests regularly with general partners and strategic partners S5 |
Asset mix: Singapore portfolio companies 43%, Global direct investments 38%, Partnerships, funds and asset managers 19% (as of 2026-07-08) S4
Largest country weights: Singapore 27%, Americas 26%, China 17%, India 7% S5
Largest holdings: DBS Group Market cap S$161.8B (28%), Singtel Market cap S$81.3B (52%), Standard Chartered Market cap S$59.2B (18%), ST Engineering Market cap S$33.8B (51%), Keppel Market cap S$21.1B (21%), Singapore Airlines Market cap S$20.8B (50%), PSA International (100%), CapitaLand Group (100%) (as of 2026-03-31) S5
Published criteria
- Companies with access to large home markets or strong global positions, a competitive edge and sturdier supply chains. S3
- AI across five layers: energy and data centres, chips, cloud providers, foundation models, and applications and software infrastructure. S3
- Core-plus infrastructure such as grid upgrades, renewables, nuclear and storage. S3
- Senior secured private credit, through Aranda Principal Strategies. S3 S4
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | TeraHop. Lead investor in the overseas arm of Zhongji Innolight. S5 | Direct investment | Technology | Growth | Not published | |
| 2025 | Anthropic, OpenAI and SpaceX. Stakes in AI and space companies, alongside larger holdings in ASML, Broadcom and NVIDIA. S5 | Direct investment | Technology | Growth | Not published | |
| 2025 | Luminace. About 50 percent of Brookfield's North American distributed energy platform. S5 | Co-investment | Renewables and climate | Infrastructure | Not published | 50% |
| 2025 | ANE. Take-private of the freight network company. S5 | Co-investment | Transport and logistics | Buyout | Not published | |
| 2025 | Spectris. Joined KKR in acquiring the precision instruments group. S5 | Co-investment | Industrials and manufacturing | Buyout | Not published | |
| 2025 | Patrick Terminals. Minority stake in the container terminal operator. S5 | Direct investment | Transport and logistics | Infrastructure | Not published | |
| 2025 | Schneider Electric India. Sold its 35 percent stake, built from 2018 to 2020, to Schneider Electric. S5 | Sale or exit | Industrials and manufacturing | Not stated | S$8.2B | 35% |
| 2026 | STT GDC. KKR and Singtel agreed to buy ST Telemedia's remaining 82 percent of the data centre group. S4 S5 | Sale or exit | Technology | Not stated | S$6.6B | 82% |
| 2025 | Haldiram's. Stake of 10 percent in the snacks maker. S1 | Direct investment | Consumer and retail | Growth | USD 1B | 10% |
| 2023 | Manipal Health. Added 41 percent to take a majority of the hospital group. S1 | Direct investment | Healthcare and life sciences | Buyout | Not published | 41% |
| 2022 | Element Materials Technology. Testing and certification group; Temasek holds 88 percent. S1 | Direct investment | Industrials and manufacturing | Buyout | USD 7B | 88% |
| 2020 | BlackRock. Stake of 3.9 percent. S1 | Direct investment | Financial services | Public markets | About USD 3.5B | 3.9% |
| 2014 | AS Watson. Stake of 24.9 percent in the health and beauty retailer. S1 | Direct investment | Consumer and retail | Growth | USD 5.7B | 24.9% |
| 2005 | Bank of China. Stake of 10 percent before the bank's listing. S1 | Direct investment | Financial services | Growth | USD 3.1B | 10% |
Case studies
Schneider Electric India: a five-year build and exit S5
- What: Bought a 35 percent stake in Schneider Electric's Indian unit, then sold it back to the parent.
- When: 2018 to 2025
- Size: Exit value S$8.2B
- Why: A partnership with a global strategic owner in a fast-growing market.
- Outcome: One of Temasek's largest exits; India held up well despite a weaker rupee.
Aranda: building a private credit platform S4 S5
- What: Set up its own senior secured private credit manager.
- When: 2024 to 2026
- Size: S$10B at launch, above S$13B now
- Why: To reach a 5 percent private credit allocation by 2031 with steady income.
- Outcome: Over S$1B of annual recurring income.
The AI value chain push S4 S3
- What: Took stakes from chips (ASML, Broadcom, NVIDIA, Lam Research) to models (Anthropic, OpenAI).
- When: Year to March 2026
- Size: Not published
- Why: AI is one of four structural trends in its strategy.
- Outcome: AI-related assets reached 6 percent of the portfolio, with a target of up to 15 percent by 2031.
Investment process
Temasek's own board approves major deals and policies; management invests within delegated limits. As a Fifth Schedule entity, any draw on past reserves needs the President's approval, and the President has a say over board appointments. S1 S5
| Committee | Role |
|---|---|
| Board committees | Executive, audit, risk, and leadership and compensation oversight S5 |
| Valuation review committee | Oversees mark-to-market values, independent of the investment teams S5 |
- Sector and market teams source deals through their networks, partners and general partners. S10
- Temasek Global Investments takes direct minority or selective control stakes and co-invests with general partners. S4
- Temasek Partnership Solutions builds the funds and alternatives book. S4
- Temasek Singapore stewards the Singapore-based portfolio companies. S4
How to approach: No open pitch form is published. Founders usually reach Temasek through co-investors, portfolio companies or its asset managers; debt investors use the investor relations team. S10
Size and returns
- Headline size: S$518B (Portfolio value, as of 2026-07-08) S4 S5
- In US dollars: about USD 401B. Temasek publishes the USD figure; the ECB rate of 0.7763 on 31 March 2026 gives about USD 402B.
- Net portfolio value on the previous book-value method: S$486B (Portfolio value, as of 2026-03-31) S5
- Return, year to 31 March 2026: 10.5 percent (14.8 percent in USD; total shareholder return) S5
- Return, 5 years: 4.6 percent a year S5
- Return, 10 years: 7.1 percent a year S5
- Return, 20 years: 6.8 percent a year S5
- Staff: About 1,000 people S7
- Size over time (SGD billion): 2017 292, 2018 329, 2019 338, 2020 326, 2021 414, 2022 438, 2023 411, 2024 420, 2025 469, 2026 518 S5
Leadership
| Name | Title | Since |
|---|---|---|
| Teo Chee Hean | Chairman S9 | 2025-10-09 |
| Dilhan Pillay Sandrasegara | Executive Director and Chief Executive Officer S9 | 2021-10-01 |
| Rohit Sipahimalani | Chief Investment Officer, Temasek International S4 | Not published |
| Png Chin Yee | CFO, Temasek International, and President, Temasek Singapore S4 | Not published |
| Chia Song Hwee | CEO, Temasek Global Investments S4 | Not published |
| Nagi Hamiyeh | President, Temasek Global Investments, and Head of EMEA S4 | Not published |
| Alpin Mehta | Head of Private Equity Capital Solutions and Real Estate S4 | Not published |
| Gabriel Lim | CEO, Seviora Holdings S4 | Not published |
Governance and transparency
- Legal basis: Company under the Singapore Companies Act; a Fifth Schedule entity under the Constitution S1
- Oversight: Independent board; the President must approve any draw on past reserves S1
- Auditor: KPMG LLP, Singapore; unmodified opinions for the years to 31 March 2022 to 2026 S8
- Santiago Principles: Supported the 2008 IMF effort to frame the Santiago Principles; not on the IFSWF members list S5 S2
- From 1 April 2026, three wholly owned investment entities plus Temasek International as the shared platform, the first big restructuring since 2011. S3
- Files a quarterly Form 13F with the US SEC. S11
Transparency score: 10.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 1974-06-25 | Incorporated with S$354M of government holdings. S1 |
| 2004 | First credit ratings, Aaa and AAA. S1 |
| 2005 | Buys 10 percent of Bank of China. S1 |
| 2014 | Buys 24.9 percent of AS Watson. S1 |
| 2021-10-01 | Dilhan Pillay becomes CEO. S1 |
| 2024 | Aranda private credit platform launched. S4 |
| 2025-10-09 | Teo Chee Hean becomes Chairman. S1 |
| 2026-04-01 | New three-entity structure takes effect. S3 |
| 2026-07-08 | Reports S$518B portfolio and 2031 targets. S4 |
For family offices
Temasek has no programme for family offices. Outside capital meets it through co-investments with its general partners and through its asset managers, such as Seviora, which raise third-party money. S5
Reports
- Temasek Review 2026: https://www.temasekreview.com.sg/performance-and-portfolio.html S5
- Group financial summary and auditor statement: https://www.temasek.com.sg/en/our-financials/group-financials/statement-by-auditors S8
Common questions
How big is Temasek?
Net portfolio value of S$518 billion (USD 401 billion) at 31 March 2026. S4
What returns has Temasek made?
10.5 percent in Singapore dollars in the year to March 2026, 7.1 percent a year over 10 years and 6.8 percent a year over 20 years. S5
How is Temasek different from GIC?
GIC manages Singapore's foreign reserves for the Government. Temasek owns its own portfolio as a commercial company that pays tax and dividends. S1
Does Temasek invest in AI?
Yes. AI-related assets are 6 percent of the portfolio, with a target of up to 15 percent by 2031; holdings include Anthropic and OpenAI. S4
Who leads Temasek?
Teo Chee Hean is Chairman and Dilhan Pillay Sandrasegara is Executive Director and CEO. S9
How do I pitch Temasek?
There is no open pitch form. Most deals come through its teams' networks, co-investors and portfolio companies. S10
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Sources
- S1Temasek Holdings, Wikipedia
- S2IFSWF, Our members
- S3Temasek, Temasek Review 2026 media briefing notes
- S4Temasek, Temasek Review 2026 press release, 8 July 2026
- S5Temasek Review 2026, Performance and portfolio
- S6CNA, Temasek Review 2026 coverage
- S7Temasek, CEO address at the Temasek Review 2026 media briefing
- S8Temasek, Statement by auditors
- S9Temasek, Statement by directors
- S10Temasek, Investment approach
- S11US SEC, Form 13F filing for the period to 31 March 2026
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