Dilhan Pillay Sandrasegara

CEO of Temasek, overseeing a global investment portfolio guided by long-term macro trends.

Claims

As speaker

Mentioned in

Key positions and views

Advocates for a significant, long-term strategic shift in investment allocation towards private equity and developed Western markets like the US and Europe.

Views AI not merely as an investment sector but as a fundamental technology to be integrated across the entire investment lifecycle to enhance returns and operational efficiency.

Believes that sophisticated geopolitical analysis is critical to modern investment, as demonstrated by establishing a DC office and analyzing complex dynamics like 'China plus one' and the India-Russia-China alignment.

Maintains that Temasek operates with commercial discipline and independence from the Singaporean government, citing the absence of government nominees on its board as proof of its governance structure.

Identifies four key macro trends—digitalization, future of consumption, longer lifespans, and sustainable living—as the definitive guideposts for Temasek's entire investment thesis.

Podcast consensus on Sandrasegara

Points of consensus

▶Dilhan Pillay Sandrasegara consistently emphasizes Temasek's deliberate and significant strategic pivot over the last decade, shifting its portfolio from 80% public to 50% private assets and tripling its exposure to the US and Europe.Apr 2026

▶He articulates a clear, structured investment framework for Temasek, consistently guided by four specific macro trends: digitalization, future of consumption, longer lifespans, and sustainable living.Apr 2026

▶A core tenet of his discourse is the systematic integration of AI into Temasek's strategy, viewing it as a tool for internal efficiency, portfolio future-proofing, direct investment, and national economic development.Apr 2026

▶He asserts Temasek's operational and governance independence from the Singaporean government, highlighting that the board has no government nominees and that investment decisions are made on a commercial basis.Apr 2026

Points of debate

▶There is a potential tension between his critique of Europe's 'glacial pace' on business-friendly economic policy and Temasek's decision to triple its portfolio exposure to the region over the last decade.Apr 2026

▶He notes the strategic imperative for supply chain diversification via 'China plus one' while simultaneously acknowledging that recent tariffs have complicated the choice of alternative locations, suggesting the strategy faces significant headwinds.Apr 2026

▶He highlights a strengthening geopolitical and economic alignment between India, Russia, and China, a trend that could complicate Temasek's increased investment focus on Western markets like the US and Europe.Apr 2026

▶He describes a portfolio that is overwhelmingly composed of equities (with only 2% in credit) yet has shifted dramatically towards private, less liquid assets, a strategy that presents a complex risk-return profile in different market cycles.Apr 2026

Key themes

▶Proactive Portfolio RebalancingApr 2026

Under Sandrasegara's leadership, Temasek has executed a major strategic rebalancing over the past decade. This involved a dramatic shift from publicly-traded securities to private assets, moving from a 20% to a 50% allocation, and a geographic diversification away from a purely Asian focus to triple its exposure in the US and Europe to 33%.

This strategic pivot indicates a belief that higher returns and more attractive valuations are now found in private markets and developed Western economies, reflecting a proactive adaptation to global capital flow and growth trends.

▶Geopolitics as an Investment VectorApr 2026

Sandrasegara frames investment strategy through a distinct geopolitical lens. This is evidenced by the establishment of a Washington D.C. office for geopolitical analysis, his commentary on the complexities of the 'China plus one' strategy, and his observation of a strengthening India-Russia-China bloc.

For analysts, this theme underscores that Temasek's capital allocation is not just based on financial metrics but is deeply integrated with a sophisticated, long-term view of global power dynamics and trade relationships.

▶Systematic AI IntegrationApr 2026

Sandrasegara details a comprehensive, four-pillar AI strategy that treats artificial intelligence as more than just an investment sector. It is positioned as a core enabler for internal operations, a tool to future-proof the existing portfolio, a direct investment area to be scaled, and a catalyst for Singapore's broader economy.

Temasek's approach to AI is holistic, viewing it as a fundamental technological layer that will drive competitive advantage across its entire investment lifecycle, from deal sourcing to portfolio management.

▶Long-Term, Trend-Driven PhilosophyApr 2026

The investment philosophy articulated by Sandrasegara is anchored in long-term, structural trends rather than short-term market cycles. This is exemplified by the four guiding macro trends (digitalization, consumption, lifespans, sustainability) and patient capital investments in areas like nuclear fusion and fission.

This patient, thematic approach allows Temasek to weather market volatility and position itself to capitalize on profound, multi-decade shifts in technology, society, and the environment.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

2011

Temasek's portfolio had 11% exposure to the US and Europe and was composed of 80% public and 20% private assets, marking the start of a major strategic shift.

2017

Temasek established an office in Washington D.C., a move Sandrasegara identifies as the beginning of a build-out of its formal geopolitical analysis capabilities.

Several years ago

Temasek initiated investments into the nuclear energy sector, including both fission and fusion technologies, as part of its sustainable living investment trend.

End of 2010s

Temasek's portfolio exposure to the US and Europe tripled to 33%, marking a significant geographic rebalancing.

Early 2020s

The portfolio's composition had inverted to approximately 50% private and 40% public assets, completing a decade-long strategic pivot.

Suggested prompts

How does Temasek reconcile its increased investment in Europe with Dilhan Pillay's critique of the continent's 'glacial' economic policy pace? &nearr;What specific risks and opportunities are presented by Temasek's strategic shift from an 80% public portfolio to a 50% private one? &nearr;How might the observed strengthening of an 'India-Russia-China' bloc affect Temasek's 'China plus one' diversification strategy and its increased exposure to Western markets? &nearr;Given the prediction that AI will replace junior investment roles, what specific retraining programs and skill sets does Temasek prioritize for its workforce? &nearr;

Key concepts

Temasek Portfolio Strategy 6 ep Geopolitics 3 ep Artificial Intelligence (AI) 3 ep Singapore Economy & Policy 3 ep Investment Governance 2 ep Global Economic Views 2 ep Energy Transition 2 ep Temasek Operations 2 ep

Notable quotes

“80% of our portfolio was publicly quoted, 20% was private. Fast forward a decade later, it was 50 odd percent private, 40 odd percent publicly quoted.”

Dilhan Pillay Sandrasegara · Dilhan Pillay Sandrasegara - CEO of Temasek | Podcast | In Good Company

“But you do have a strengthening of the block of India Russia China which you didn't have before, as exemplified in the recent meeting.”

Dilhan Pillay Sandrasegara · Dilhan Pillay Sandrasegara - CEO of Temasek | Podcast | In Good Company

“We have four things that we think think about in terms of AI First is how AI is an enabler for ourselves Second is how do we use AI to future our portfolio... The third is how do we scale our AI exposure as a firm. And the fourth is the diffusion of AI within Singapore as a whole”

Dilhan Pillay Sandrasegara · Dilhan Pillay Sandrasegara - CEO of Temasek | Podcast | In Good Company

“So our exposure to the US and Europe in 2011, before we embarked on our 2020 roadmap, was by 11% in aggregate. By the end of the decade, it was 33%.”

Dilhan Pillay Sandrasegara · Dilhan Pillay Sandrasegara - CEO of Temasek | Podcast | In Good Company

Report last updated: Apr 21, 2026

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