Temasek Holdings

Temasek Holdings is a prominent global investment company headquartered in Singapore, wholly owned by the Singaporean Ministry of Finance. Established in 1974, it operates as an active investor and shareholder, managing a diverse portfolio across various sectors including financial services, telecommunications, media & technology, life sciences, consumer, industrials, and energy & resources. Temasek is known for its long-term, patient capital approach, focusing on delivering sustainable returns and contributing to the well-being of future generations. Its investment philosophy is guided by four key structural trends: Digitisation, Sustainable Living, Future of Consumption, and Longer Lifespans.

As of March 31, 2023, Temasek's net portfolio value stood at S$382 billion, equivalent to approximately US$287 billion. The company actively invests across both public and private markets globally, often taking significant stakes in companies. While it does engage with the venture ecosystem, its direct investments typically target growth-stage or mature companies rather than early-stage startups. For instance, in the fiscal year ending March 2023, Temasek invested S$31 billion (approximately US$23.3 billion) and divested S$27 billion (approximately US$20.3 billion), demonstrating its substantial transaction sizes.

Temasek's investment strategy is characterized by its ability to deploy substantial capital into strategic opportunities worldwide. Its direct investment cheques typically range from tens of millions to hundreds of millions of US dollars, and can extend into the billions for large-scale strategic acquisitions or significant minority stakes. While it participates in venture capital through fund-of-funds investments and dedicated venture arms like Pavilion Capital, its direct "first cheque" for a company is generally substantial, reflecting its focus on established businesses or high-growth companies requiring significant capital for expansion.