Singapore’s Temasek reports record portfolio rise to US$282 billion amid pandemic

Executives told a news conference the gains were powered by a global equities rally and the public listing of some of its holdings

Unlike many state investors, most of Temasek’s investments are in equities, with unlisted assets making up 45 per cent of its total portfolio

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Published: 6:16pm, 13 Jul 2021Updated: 4:21pm, 14 Jul 2021

Singapore’s Temasek Holdings reported a 25 per cent rise in its portfolio value to a record S$381 billion (US$282 billion) in the year ended March 2021, with gains powered by a global equities rally and the public listing of some of its holdings.

Ranked among the biggest investors in the world, Temasek is anchored in Asia, with a 64 per cent exposure to the region as measured by underlying assets of its portfolio companies, most of which are in China and Singapore.

The increase in its portfolio value was the highest in a decade and came after a 2.2 per cent drop in the previous year, with the state investor notching up record investments and divestments in the latest year, Temasek executives told a news conference on Tuesday.

“The pandemic has accelerated the longer term trends that shape our investment posture. This is especially so for the digitisation trend,” said Mukul Chawla, joint head of Temasek’s telecoms, media and technology investments.

Chawla said the shift to work from home had generated demand for online services, payments, digital health and technology platforms, spurring some of Temasek’s privately held companies to go public.

Airbnb was among Temasek’s portfolio firms to have had public listings. Photo: AFP

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