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From Our Chairman

Chairman

The world is experiencing a seismic change in the global order. Our new reality requires a pragmatic approach as we make sense of shifts, adapt nimbly to challenges, and seek to thrive amidst uncertainty. We hold steadfast to our belief that by staying united and harnessing our collective strengths, we can build a better and more sustainable world, so every generation prospers.”

LIM BOON HENG

Chairman

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Performance Overview

We ended the year with a net portfolio value of S$434 billion. Marking our unlisted portfolio to market would provide S$35 billion of value uplift and brings our net portfolio value to S$469 billion.

S$434b

Net portfolio value

Up S$168 billion over the last decade

Net portfolio value

S$350b

Invested during the decade

Invested S$52b during the year

Invested during the decade

5%

10-year return to shareholder

Total shareholder return of 14% since inception

Ten-year return to shareholder

7%

20-year return to shareholder

 

20-year return to shareholder
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Our Year in Review

Learn about our performance in the past financial year and how we are building a resilient and forward-looking portfolio.

Portfolio Highlights

Anchored in Asia, our portfolio has 66% underlying exposure to developed economies.

Portfolio Highlights Investments by Geography
2025 2024 2023
Singapore
52 53 54
China
11 13 15
India
5 5 3
Asia Pacific (ex Singapore, China & India)
2 2 2
Americas
19 17 16
Europe, Middle East & Africa
11 10 10
Portfolio Highlights Investments by Geography
2025 2024 2023
Singapore
27 27 28
China
18 19 22
India
8 7 6
Asia Pacific (ex Singapore, China & India)
11 12 11
Americas
24 22 21
Europe, Middle East & Africa
12 13 12
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Investment Approach

We aim to construct a resilient and forward-looking portfolio to deliver sustainable returns over the long term.

Our portfolio is well diversified across geographies and sectors, and comprises three segments.

  • Singapore-based
    Temasek Portfolio Companies

    41%

    This segment comprises long-term investments in Singapore-based companies in which we typically hold a minimum shareholding interest of 20%.

  • Global Direct Investments

    36%

    This segment primarily consists of equity investment in companies with the potential to be competitive market leaders.

  • Partnerships, Funds, and Asset Management Companies

    23%

    This segment comprises partnerships with other investors; private equity funds, private credit, and impact investments; and our asset management companies.

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Making a Difference

Making a Difference

Our journey in building social capital started over 20 years ago, when we adopted a deliberate and structured approach, anchored on the twin pillars of governance and sustainability, to give back to communities.

Learn more about how we support community programmes that uplift vulnerable communities.

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More Community Initiatives

Planting the Seeds of Change

Planting the Seeds of Change

Le Thi Thu Trang’s university journey was made possible by a VietSeeds scholarship.

Supported by Temasek, VietSeeds helps underprivileged students in Vietnam pursue their dreams of higher education.

Bridging the Gap

Bridging the Gap

Jun Wei’s journey from uncertainty to independence highlights the importance of supporting adults with disabilities beyond age 18.

Learn how the Temasek Foundation – Autism Resource Centre (Singapore) Supported Living and Training Programme helps them thrive.