2025 marked an important turning point for the global order. Long-standing rules and norms have been overturned, with wide-ranging consequences across the global economy.
In an increasingly uncertain and volatile world, I am confident that we will rise to the challenge by acting with clarity amidst complexity and harnessing our collective strengths: to do well, do right, and do good — always doing things today with tomorrow in mind, so every generation prospers.”
On a mark-to-market (MTM) basis, we ended the year with a net portfolio value of S$518 billion, representing a doubling of our portfolio over the past decade.
Our three portfolio segments have distinct attributes and strengths. The long-term performance of our portfolio segments has been resilient, reflecting the quality of our underlying assets.
Portfolio Returns by Portfolio Segments
Exposure
S$ Internal Rate of Return1 over the last 10 years
Partnerships, Funds, and Asset Management Companies Broaden range of opportunities, co-invest, and scale capital solutions
19%
7.7%
Global Direct Investments Primarily comprise public and private equity investments in emerging and established market leaders
38%
7.6%
Singapore-based Temasek Portfolio Companies ≥20% stake; stable and good sustainable returns over the long term
We strive to do well, do right, and do good so that every generation prospers. At the core of this ambition are our people — their values, passion, capabilities, and their willingness to learn, contribute, and lead with an ownership mindset.
Our journey in building social capital began over 20 years ago, when we adopted a deliberate and structured approach to giving back, anchored on the twin pillars of governance and sustainability.
Learn more about how we support initiatives that promote inclusivity.
For Wei Chiang, having the right environment to learn made all the difference. Watch how Foreword Coffee, with support from our T-Ignite Fund, is creating opportunities for people with disabilities through training and support.
Treating Depression Anew
For people with treatment-resistant depression, standard treatment may not be enough. Learn about Raj’s journey through Personalised Transcranial Magnetic Stimulation, piloted by the Institute of Mental Health and NUS Medicine, in partnership with Temasek Foundation.
Unless otherwise stated, all financial information is presented in Singapore dollars. Portfolio figures from the financial year ended 31 March 2016 onwards have been restated to value our unlisted investments on a mark-to-market basis. Our prior reporting basis valued our unlisted investments at book value. The valuation basis is unchanged for listed investments that are valued at market prices, and unlisted funds and co-investments that are already marked to market.
