Singapore Temasek Reports Net Portfolio Value of $401 Billion (S$518 Billion) AUM in 2026 March, SGD Performance +10.5% in Last 12 Months, +7.1% 10-Year Return, +6.8% for 20-Year Return & +14% Since Inception in 1974, USD Performance +14.8% in Last 12 Months, +7.5% 10-Year Return, +8% for 20-Year Return & +15% Since Inception in 1974, Portfolio Allocation: 1) Temasek Portfolio Companies (TPCs) 43%, 2) Global Direct Investments (GDIs) 38%, 3) Partnerships, Funds & Asset Management Companies (PFAs) 19%, Portfolio 10-Year IRR – TPCs +8.1%, GDIs +7.6%, PFAs +7.7%

Temasek – From Complexity to Clarity 

• Our portfolio continues to be well diversified across geographies and sectors, anchored by three segments: TPCs, GDIs, and Partnerships, Funds, and Asset Management Companies (PFAs), which represented 43%, 38%, and 19% of our portfolio value respectively as at 31 March 2026. This approximate 40-40-20 distribution has largely held since 2018, and we expect it to remain stable for the foreseeable future, subject to market conditions. The long-term performance of our portfolio segments has been resilient, reflecting the strength of our underlying assets. The 10-year Internal Rate of Return (IRR)⁵ is 8.1% for TPCs, 7.6% for GDIs, and 7.7% for PFAs.
• Since 1 April 2026, we have operated under a refreshed structure, establishing new wholly-owned entities — Temasek Singapore (TSG), Temasek Global Investments (TGI), and Temasek Partnership Solutions (TPS) — to sharpen differentiated strategies, deliver distinct outcomes, and deepen specialised skill sets. Complemented by Temasek International as our institutional enabler, TSG, TGI, and TPS bring their respective domain knowledge, networks, capabilities, and insights together, reinforcing the way we continue to operate as OneTemasek.

Temasek Singapore (TSG)

• TSG focuses on building a portfolio of globally competitive, future-ready TPCs with strong Singapore roots. Collectively, these TPCs generate approximately S$200 billion in aggregate revenue and employ over 400,000 employees globally.
• To support their continued growth, TSG is developing cross-portfolio initiatives with TPCs across several key areas. These include strengthening renewal planning for boards and management teams, implementing Artificial Intelligence (AI) transformation and workforce upskilling, integrating sustainability practices, enhancing collaboration across TPCs to capture market opportunities, and strengthening their positioning with investors.
• For example, our Investment Stewardship team, set up in 2024, provides expertise on engagement, voting, and governance matters. The team will build on its ongoing work with TPCs to sharpen their capital markets positioning through stronger investor communications that more clearly articulate their value proposition to a broader institutional base.
• We have stepped up active engagement with TPCs to unlock value through strategic reviews, capital structure optimisation, restructuring, and transformational mergers & acquisitions. For example, in February 2026, ST Telemedia’s (STT) remaining 82% stake in ST Telemedia Global Data Centres (STT GDC) was sold to KKR and Singtel for S$6.6 billion, marking one of the largest digital infrastructure transactions in Southeast Asia. This was the result of our long-term partnership with STT since 2014, bolstered by a significant investment in 2020 to fund the build-out of the STT GDC platform and its expansion across multiple markets in Asia. During the sale process, we also drew on our long-standing institutional relationships, including those with STT GDC’s joint venture partners, to support the transaction.

Temasek Global Investments (TGI)

• TGI focuses on building a strong global portfolio with a higher risk-return profile. It invests in emerging and established market leaders across a broad range of sectors and geographies, guided by structural trends.
• Over the year, investments included Anthropic and OpenAI in the US, ANE and Luckin Coffee in China, and Ermenegildo Zegna Group in Europe. We also exited from Schneider Electric India Private Limited, concluding a planned long-term holding in a joint venture that became a leading energy management and industrial automation platform in India.
• TGI intends to concentrate capital into fewer but larger and higher-conviction opportunities, underpinned by disciplined deployment and capital recycling into sectors where we have deep domain expertise and that are strongly aligned with the competitive strengths of our key markets.
• Listed investments now account for 63% of the GDI portfolio, with unlisted investments at 37%. While unlisted positions have outperformed listed positions over the past decade⁶, we have increased allocation to liquid listed strategies to give us greater flexibility to rebalance and deploy capital in today’s more uncertain environment. We have also strengthened our public market capabilities and processes through a global team with specialised investment strategies, including in commodities such as critical metals and minerals that enable the global energy transition, and larger positions in developed market equities.
• For private investments, our sector and market teams continue to take direct minority positions by tapping well-established local networks and expertise, and co-invest with trusted General Partners (GPs). TGI will also focus on value creation initiatives in select large investments to better support their growth.

Temasek Partnership Solutions (TPS)

• TPS focuses on building an alternative assets portfolio that delivers resilient returns and differentiated access through strategic partnerships with top-tier GPs and leading co-investors. This expands our alternatives exposure, generating returns that complement our equity-oriented portfolio while providing steady cash yield.
• An area of focus for TPS is its work with Temasek’s main Asset Management Platform, Seviora Holdings. TPS is working with Seviora on a strategic review of our asset management companies (AMCs)⁷ to strengthen investment discipline, drive value creation, and capture opportunities.
• During the financial year, Pavilion Capital was integrated into Seviora Group, expanding Seviora’s investment capabilities in Asia-focused private equity fund of funds and co-investment strategies. As a multi-strategy asset manager and asset owner, Seviora aims to be a capital gateway between Asia and the rest of the world, bridging capital flows in both directions.

Sensing Opportunities

• In a more complex global environment, Temasek remains focused on building a resilient and forward-looking portfolio, providing returns with a narrower range of outcomes. This means investing in domestic businesses with strong competitive advantages and global market leaders with strong pricing power. In the near term, we see compelling opportunities in three areas driven by strong secular trends and offering potential for good returns: AI, core-plus infrastructure, and private credit.
• We have invested in companies benefitting from digitisation for over a decade, and see the rapid advancement of AI as a pivotal phase that will create vast new opportunities. Our AI-related exposure currently represents 6%⁸ of portfolio value, which we aim to increase to up to 15%⁸ by 2031⁹. We will deploy capital in a disciplined manner across five focus areas of the AI value chain: energy and data centres, semiconductors, cloud services providers, foundation models, and AI applications & software infrastructure — with some companies operating as vertically integrated mega-caps.
• In core-plus infrastructure, we see compelling opportunities in ageing infrastructure and grid modernisation, renewable and nuclear energy, energy storage, and breakthrough decarbonisation technologies, underpinned by rising electrification demand and AI-driven data centre growth. Our exposure in this space is currently 1%⁸ of portfolio value, with plans to scale to 5%⁸ by 2031⁹.
• In private credit, we consolidated more than a decade of investment activities into Aranda Principal Strategies in 2024 with an initial S$10 billion portfolio. This has since crossed the S$13 billion mark, generating over S$1 billion in annual recurring income. Private credit currently accounts for 2% of our portfolio value, and we aim to scale this to 5% by 2031⁹. We will focus on senior secured structures that provide downside protection and strengthen diversification across corporate lending, asset-backed financing, and real estate credit to avoid concentration risk.

Harnessing AI 

We have steadily developed a disciplined and holistic strategy to harness AI across our institution, portfolio, and wider ecosystem. Our belief is that AI will be a foundational capability for long-term value creation, with people at the centre of this transformation. In 2019, we established an AI pod as a multidisciplinary, cross-functional team to build our expertise and identify ways to invest in this nascent area. Since then, our AI strategy has evolved in parallel with the rapid advances in the technology, with a commitment to responsible adoption.

Our AI strategy is anchored in four mutually reinforcing pillars:

• AI-enabling Temasek by embedding AI into how we invest and operate, augmenting human decision-making, sharpening workflows, and enhancing productivity across the firm
• AI-proofing our portfolio by partnering with TPCs on AI adoption and managing our GDI portfolio for AI-related risks and opportunities
• Scaling our AI exposure through our investments across the value chain in a disciplined and selective manner
• Supporting AI diffusion beyond our portfolio by strengthening ecosystem partnerships, building capabilities, providing access to frontier expertise and technologies, and promoting responsible AI practices

Advancing Sustainability 

• As a long-term investor and asset owner navigating an increasingly complex and resource-constrained world, we see sustainability as a key contributor to strengthening institutional and portfolio resilience. It remains at the core of everything we do — from delivering good sustainable returns over the long term, to how we operate, shape our portfolio, and engage our portfolio companies to build sustainable businesses.
• Over the year, we have continued to deploy capital aligned with the Sustainable Living trend, investing S$5 billion into areas such as renewable energy, electrification, climate technologies, industrial decarbonisation, and energy resilience. This included Luminace, a distributed energy generation platform; CleanMax, a renewable energy company; NARI Technology, which focuses on smart grid and power automation; and Amperesand, which develops solid-state transformer systems for grid efficiency. As at 31 March 2026, the portfolio value of our investments aligned with this trend was S$49 billion.
• Our portfolio decarbonisation trajectory has been impacted by the slower and divergent levels of mitigation efforts in certain markets and sectors, and delays in the maturation of key technologies in hard-to-abate sectors. Given the current circumstances and our exposure to these sectors, we are unlikely to meet our interim 2030 climate target¹⁰ which was set in 2019, when there was greater global momentum for climate action. However, we remain committed to our 2050 net zero ambition, and will continue to mobilise capital, scale solutions, and catalyse systemic change through partnerships to contribute to real-world impact.
• For the financial year ended 31 March 2026¹¹, Total Portfolio Emissions¹² remained at 21 million tonnes of carbon dioxide equivalent (tCO₂e), while Portfolio Weighted Average Carbon Intensity¹³ decreased to 83 tCO₂e/S$M revenue, from 89 tCO₂e/S$M revenue for the previous financial year. Portfolio Carbon Intensity¹⁴ also decreased to 50 tCO₂e/S$M portfolio value, from 57 tCO₂e/S$M portfolio value for the previous financial year. Since 2019, when we first set our climate targets, absolute portfolio emissions declined by around 30% and portfolio carbon intensity has improved, even as our portfolio value has grown by over 50%.
• More details are available in Temasek’s Sustainability Report 2026 at www.temasek.com.sg/SR2026.