Story perspectives

Temasek Reports S$518bn Portfolio, 10.5% Return, Boosts US, Private Credit

7/10/2026

Summary

Temasek Expands

Temasek Holdings posted a net portfolio value of S$518 billion for the year to 31 March 2026 after investing $51 billion, divesting $31 billion and raising $20 billion in new capital.
One-year total shareholder return fell to 10.5% because of a strong Singapore dollar and the Iran war.
It allocated 50% of capital to the United States, giving 26% portfolio exposure, and plans to raise private-credit exposure from 2% to 5% of assets in five years.

Summary

Temasek Restructures

Temasek split its holdings into three pillars—Portfolio Companies, Global Direct Investments, and Partnerships, Funds and Asset Management—to sharpen focus.
Nagi Hamiyeh said the firm will target larger-ticket deals in fewer sectors, while Png Chin Yee noted intensified board engagement and AI-driven upskilling.
Seviora Holdings signed an MOU with Samsung Securities in South Korea and launched a joint collateralised fund obligation with Churchill Asset Management to broaden market reach.

History

Historical Context

The 2008 financial crisis spurred governments to treat sovereign-wealth funds as stabilizers, a trend echoed by China’s massive RMB 4 trillion stimulus. Riding that wave, Singapore’s Temasek grew assets from S$100 billion in 2008 to S$518 billion by 2026—a 200 percent rise—while allocating half to the United States and now targeting a 5 percent private-credit share and new partnerships.

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Temasek Expands

Temasek Holdings posted a net portfolio value of S$518 billion for the year to 31 March 2026 after investing $51 billion, divesting $31 billion and raising $20 billion in new capital.
One-year total shareholder return fell to 10.5% because of a strong Singapore dollar and the Iran war.
It allocated 50% of capital to the United States, giving 26% portfolio exposure, and plans to raise private-credit exposure from 2% to 5% of assets in five years.

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