Temasek

Investment Management

Mentions

Podcasts

Episodes

Podcast consensus

Points of consensus

▶Temasek is a Singaporean sovereign wealth fund managing a portfolio of approximately $300 billion, with a significant role in the national economy.Apr–May 2026

▶The fund is a major shareholder in key Singaporean enterprises like DBS, providing its portfolio companies with a stable ecosystem, talent access, and technology exposure.Apr 2026

▶Temasek's investment strategy is guided by long-term macro trends, including digitalization, the future of consumption, longer lifespans, and sustainable living.Apr 2026

▶The firm has a significant and expanding global presence, with 13 offices and its largest international headcounts in the United States, China, Europe, and India.Apr 2026

Points of debate

▶Operational Independence vs. State Ownership: While the CEO asserts operational independence with no government nominees on the board, Temasek is explicitly the government's sovereign wealth fund and contributes directly to the national budget, creating a nuanced relationship between commercial and state interests.Apr 2026

▶Global Diversification vs. Geopolitical Headwinds: Temasek has actively increased its portfolio exposure to the US and Europe, but its CEO acknowledges that geopolitical factors like tariffs are complicating global supply chain strategies, suggesting its international expansion faces significant uncertainty.Apr 2026

▶Optimism for India vs. Skepticism on Europe: The CEO presents a clear view of domestic consumption as India's primary growth driver, while simultaneously describing Europe's economic policy as moving at a 'glacial pace' and needing to be more business-friendly, indicating a strong regional preference in its investment outlook.Apr 2026

Key themes

▶Strategic Portfolio TransformationApr 2026

Over the last decade, Temasek has fundamentally shifted its portfolio from being 80% public to a near 50/50 split between public and private assets. This pivot is guided by four macro trends: digitalization, future of consumption, longer lifespans, and sustainable living.

This aggressive shift into private markets indicates a strategy focused on capturing higher growth in early-stage and disruptive technologies, accepting greater illiquidity for potentially higher long-term returns.

▶Governance and Operational IndependenceApr 2026

Despite being the Singaporean government's sovereign wealth fund, Temasek emphasizes its operational independence, noting that its board has no government nominees. Investment decisions exceeding one billion US dollars require approval from the board's executive committee or the full board, indicating a structured, internally-governed process.

Temasek's governance model aims to blend the long-term stability of a sovereign fund with the commercial discipline of a private investment firm, a crucial factor for attracting international partners and capital.

▶Global Footprint and Geopolitical AcumenApr 2026

Temasek operates 13 offices globally and has significantly increased its portfolio allocation to the US and Europe from 11% in 2011 to 33% by the end of the 2010s. The firm established a Washington D.C. office in 2017 specifically to enhance its geopolitical analysis capabilities.

The firm's geographic diversification and dedicated geopolitical analysis highlight a recognition that macroeconomic and political risks are as critical to manage as financial ones in its long-term investment horizon.

▶Anchor Role in the Singaporean EconomyApr 2026

As a significant shareholder in major companies like DBS, Temasek's portfolio companies generate approximately $150 billion in annual revenue and contribute around 5% to Singapore's GDP. It also contributes to the national budget through the Net Investment Returns Contribution (NIRC) framework.

Temasek's dual mandate is evident: generating commercial returns while simultaneously acting as a strategic steward for Singapore's economic stability and growth, creating a powerful ecosystem for its domestic portfolio companies.

Source episodes

Sentiment over time

Apr 2026

4 bullish, 1 bearish, 14 neutral(19 claims)

Investors in PsiQuantum's recent funding round include BlackRock, Baillie Giffor...

May 2026

1 neutral(1 claim)

Prior to becoming president of the World Bank, Ajay Banga held roles as Vice Cha...

Changes over time

2011

Temasek's portfolio exposure to the US and Europe stood at 11%, marking a baseline for its subsequent international diversification.

Last Decade (approx. 2013-2023)

The firm executed a major strategic shift in its portfolio, moving from a 20% private and 80% public allocation to approximately 50% private and 40% public.

2017

An office was established in Washington D.C. to bolster the firm's geopolitical analysis capabilities, signaling a deeper focus on political risk.

End of 2010s

Portfolio exposure to the US and Europe increased to 33%, a threefold increase from 2011, demonstrating a successful geographic diversification effort.

2021

Dilhan Pillay Sandrasegara assumed the role of CEO.

Suggested prompts

How does Temasek balance its dual mandate of generating commercial returns and supporting Singapore's national economic interests? &nearr;What specific risks and opportunities does the significant shift towards private equity introduce to Temasek's long-term portfolio stability? &nearr;Given the CEO's comments on Europe's 'glacial pace' and China's supply chain complexities, how might Temasek's geographic allocation strategy evolve in the next five years? &nearr;How does Temasek's governance structure, specifically the absence of government board nominees, practically ensure its operational independence from political influence? &nearr;

Key concepts

Portfolio Allocation 1 ep Investment Strategy 1 ep Governance & Independence 1 ep Geopolitics 1 ep Global Operations 1 ep Singapore Economy 2 ep DBS 1 ep Portfolio Companies 2 ep Leadership 2 ep Economic Outlook 1 ep

Notable quotes

“And Temasek is Singapore's Sovereign Wealth Fund managing roughly 300 billion US dollars.”

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

“The Singaporean government, through its sovereign wealth fund Temasek, is a significant shareholder in DBS.”

Tan Su Shan · Tan Su Shan - CEO of DBS | Podcast | In Good Company | Norges Bank Investment Management

“Investment decisions at Temasek exceeding one billion US dollars per transaction require approval beyond the management team, escalating to the board's executive committee or the full board.”

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

“The Monetary Authority of Singapore (MAS), GIC, and Temasek contribute to Singapore's government budget through the Net Investment Returns Contribution (NIRC) Framework.”

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

Report last updated: May 21, 2026

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