Temasek: Net Portfolio Value Change of +19.4% (2025-2026)

What we found

The numbers

As of March 31, 2025, Temasek reported assets under management of $339 billion, equivalent to S$434 billion. This figure represents an increase from the $290 billion, or S$389 billion, recorded as of March 31, 2024. Other reports cite a net portfolio value of S$518 billion, while a 2023 estimate placed assets under management at $300 billion. The fund’s allocation includes 11% dedicated to sustainable living. Geographic exposure is distributed across several regions, with 27% allocated to domestic investments, 24% to the Americas, 18% to China, 12% to EMEA, and 11% to APAC excluding Singapore, China, and India. In terms of performance, Temasek achieved a compounded return of 14%. Annual returns have varied significantly by year, with a 2.3% return in 2020 followed by a 25% return in 2021. This shift represents a change of +987.0% in annual return from 2020 to 2021. Additionally, the change in net portfolio value from March 31, 2025, to March 31, 2026, is calculated at +19.4%. The fund’s structure includes 40% GDIs and 20% PFAs. Seviora Holdings is noted with a value of S$90bn. [4] [6] [7] [8] [9] [10] [11] [25] [26]

What it realized

Temasek realized significant returns from its investments in Lenskart and PB Fintech. Regarding its stake in Lenskart, the sale amount was reported as ₹1,940 crore. Other reports indicate the value of this stake sale was $200 million, with this figure noted as of 2026. Additional sources cite the Lenskart stake sale amount as $202 million. Furthermore, the value of the Lenskart stake sale has been listed as ₹1,945 crore, also as of 2026. In the case of PB Fintech, the stake sale amount was reported as ₹2,425 crore, with this figure noted as of 2024. Another source provides a more precise figure for the PB Fintech stake sale amount, listing it as ₹2,425.41 crore. These figures represent the realized value from the divestment of these specific holdings. [17] [18] [19]

The people

As of 2025, Dilhan Pillay serves as the executive director and chief executive officer of Temasek. Chia Song Hwee holds the position of deputy CEO of Temasek International and is also identified as a co-CEO of Temasek. Rohit Sipahimalani is listed among the leadership team. Lee Theng Kiat is the chairman who is stepping down. Nagi Hamiyeh leads the Europe, Middle East and Africa division. Gabriel Lim is the CEO-designate of Seviora Holdings, where Goh Yew Lin is the outgoing chairman and Timothy Dattels is a new director. Tow Heng Tan is the CEO of Pavilion Capital. In 2026, the individuals associated with Temasek include Mr Goh Yew Lin, Desmond Kuek, Chan Wai Ching, Tan Shao Ming, and Sugandhi Matta. [1] [2] [3] [20] [21]

What the fund says

Temasek reported a Net Portfolio Value of S$434 billion as of 31 March 2025, representing a record high that is four times its value from 20 years ago. This figure reflects an increase of S$45 billion compared to the previous year. The firm’s 20-year total shareholder return stands at 7%, while the 10-year return is 5%. Its strategy emphasizes a stronger focus on core portfolio companies, attention to growth areas, and a broad international presence. In the financial year 2025, Temasek held about S$4 billion in investments in the sustainable living space. Currently, S$39 billion are allocated to sustainability-focused investments and S$7 billion to climate transition investments. Early-stage investments encompass about 5% of the total portfolio value. While acknowledging the need for caution regarding Trump's tariffs and the Fed's response to inflation risks, the firm remains confident that the US leads the global AI industry, supported by robust capital markets and a culture of innovation. [6] [24]

What the press says

As of 31 March 2026, Temasek’s net portfolio value is reported at S$518bn and $400.3bn. The one-year total shareholder return stands at 10.5%, while the ten-year and twenty-year returns are 7.1% and 6.8% respectively. Press reports indicate that Advent International and Temasek Holdings are in talks to acquire Fairfax Financial's stake in IIFL Finance. Fairfax seeks to exit IIFL Finance to comply with regulations and fund its IDBI Bank acquisition. In a separate transaction, Adani Enterprises is raising around $1 billion by issuing fresh shares in Adani Airport Holdings to investors including Temasek, BlackRock, Premji Invest, and Alpha Wave. This capital will fund airport expansion, modernisation, and airport-city businesses. The consortium will hold up to 5.54% of the business, while Adani Enterprises retains control. Adani Airports currently holds a 25% share of India passenger traffic and a 33% share of India cargo volumes. Analysts describe Temasek’s move as a strategic de-risking move, swapping a struggling airline stake for a high-value infrastructure platform. Additionally, Temasek-backed AI venture firm Xora Innovation is positioned to make Singapore a consequential node in the long-term sovereign wealth strategy, reflecting a maturation in the AI investment landscape. [4] [5] [22] [23]

Where the sources disagree

• The widely cited AUM figure of S$434 billion lacks independent verification, as it appears only on secondary hosts rather than primary sources or data publishers, meaning you should treat this number with caution when presenting it to other investors. [6] [9]
• What the plan says it wants. Asked, and the search found no public statement either way.

Analysis

Temasek's annual return increased by +987.0 from 2020 to 2021, indicating a significant positive shift in performance over that year. For a GP raising capital, this suggests the investor has recently demonstrated strong growth in returns, which may influence their appetite for new allocations or their benchmark expectations for future performance. [10]

The net portfolio value grew by +19.4 between 31 March 2025 and 31 March 2026, reflecting an expansion in the investor's total assets under management. This increase in scale may signal that Temasek has more capital available for deployment or is actively growing its investment base, which could be a positive indicator for a GP seeking a larger check size. [4] [6]

The reported AUM figure of S$434 billion is repeated across secondary sources like mothership.sg and sg.finance.yahoo.com but lacks verification from a primary source or data publisher. For a GP, this means the headline size of the investor's portfolio should be treated with caution, as the lack of independent reporting limits the ability to fully verify the scale of their capital base. [6] [9]

Pros and cons for a GP raising capital from this investor

Pros

• Change in net portfolio value from 31 March 2025 to 31 March 2026: +19.4%. [4] [6]
• Change in Temasek annual return from 2020 to 2021: +987.0%. [10]
• Temasek’s net portfolio value reached a record high of S$518 billion as of 31 March 2026, representing a 19.4% increase from the previous year, signaling strong capital preservation and growth for any GP seeking a stable, long-term anchor investor. [4] [6]
• The fund delivered a 10.5% one-year total shareholder return in 2026, demonstrating recent performance strength that supports its capacity to continue deploying capital into new opportunities. [4]
• Temasek completed a strategic de-risking move by swapping a struggling airline stake for a high-value infrastructure platform in Adani Airports, indicating a disciplined approach to portfolio optimization that GPs can align with in their own exit strategies. [22]
• The investor is actively participating in large-scale capital raises, such as the approximately $1 billion fresh share issuance in Adani Airport Holdings, showing a willingness to commit significant capital to growth-stage infrastructure assets. [5]

Cons

• Temasek's 20-year total shareholder return of 6.8% and 10-year return of 7.1% indicate long-term performance that may lag behind higher-growth private equity benchmarks, suggesting a conservative risk profile for capital allocation. [4]
• With 27% of its portfolio exposed to domestic markets and 18% to China, Temasek holds significant regional concentration, which could limit diversification benefits for a GP seeking global risk mitigation. [7]
• Temasek explicitly acknowledges caution regarding US tariffs and Federal Reserve inflation responses, signaling potential macroeconomic headwinds that could affect the valuation of US-centric portfolio companies. [6]
• The firm's strategy emphasizes a 'stronger emphasis on its core portfolio companies,' which may imply a reduced appetite for early-stage or high-risk venture deals, as early-stage investments constitute only about 5% of the total portfolio value. [6]
• Temasek's annual return dropped to 2.3% in 2020, demonstrating vulnerability to market shocks and potential volatility in returns during economic downturns. [10]