SINGAPORE, 28 August 2025 — In its most sweeping reorganisation since 2011, Singapore’s state-owned investment firm Temasek is set to launch three specialised entities beginning April 1, 2026, aiming to sharpen global market responsiveness amid intensifying geopolitical and economic shifts.
At an investor briefing today, CEO Dilhan Pillay revealed that the new structure will comprise:
- Temasek Global Investments — focusing on strategic global sectors and digital megatrends.
- Temasek Singapore — dedicated to managing core domestic holdings such as Singapore Airlines and PSA International.
- Temasek Partnership Solutions — responsible for fund and asset management oversight.
Meanwhile, the existing Temasek International will continue managing overarching group and corporate functions.
“This reorganisation represents our response to the evolving macroeconomic, regulatory, and technological landscape,” said Pillay. “To succeed long-term, we must cultivate agility now.” The move underscores the need for structural evolution to capitalise on emerging investment opportunities amidst global volatility.
Temasek currently oversees a record portfolio valued at S$434 billion (US$338 billion / RM1.4 trillion) as of March 2025. While it delivered a 10-year total shareholder return of 5%, this trailed both MSCI’s 9% and Singapore’s Straits Times Index at 6%; its 20-year return of 7% was more in line with long-run benchmarks.
The new structure promises sharper focus and accountability across its investment tiers. Temasek Global Investments will hone in on digital transformation and long-term structural themes, while Temasek Singapore consolidates domestic stewardship. The creation of Temasek Partnership Solutions centralises fund management functions, streamlining governance and execution.
Leadership changes will follow: Teo Chee Hean, former Singapore Deputy Prime Minister, will take over as Chair from 9 October, and Chia Song Hwee, Deputy CEO, is being elevated to Co-CEO of Temasek International and will lead Temasek Global Investments starting from 1 April 2026.
The Bigger Picture
- Structural Alignment for Complexity: In an era marked by digital disruption and geopolitical fragmentation, restructuring is a strategic necessity—not optional.
- Enhanced Focus & Specialisation: Dividing operations by mandate aligns direct accountability with thematic investment strategies.
- Proactive Governance: Leadership recalibration and new entities streamline decision-making for greater operational speed.
The Ledger Asia will monitor execution closely—these changes point to improved investment agility, thematic clarity, and long-term resilience. In the meantime, expect heightened transparency around Temasek’s asset allocation and performance as the new structure unfolds.
