Temasek: Singapore's S$434B sovereign investor with India exposure at 8%

Temasek is the sovereign-owned investment company of Singapore — incorporated in 1974 to hold and manage assets previously held directly by the Singapore government, and owned today by the country's Ministry of Finance. It is one of the three entities that invest Singapore's reserves, and it invests as a generational investor: patient, commercial, and geared to long-term structural trends. India is now one of its most important markets outside Singapore.

Investment thesis

Temasek describes itself as a generational investor, investing today with tomorrow in mind. Its portfolio is anchored in Asia and tilted toward economies and sectors with structural tailwinds. For India, the firm has stated it maintains a positive outlook given the country's strong domestic market, with particular interest in consumer, financial services and healthcare — backed by resilient capital-expenditure growth, a recovery in domestic consumption and supply-chain reorientation.

Funds and investment approach

Temasek does not raise external funds; it invests its own balance sheet. In its FY25 review it reported a record net portfolio value of S$434 billion (about US$323 billion), up 11% year on year — and noted that marking its unlisted portfolio to market would lift that to S$469 billion. Its exposure to India rose to 8% of the portfolio from 7% a year earlier — a book of close to S$35 billion — even as its China exposure fell. The Americas stood at 22% and Singapore at 27%.

Notable portfolio

Temasek's named India investments include Manipal Health Enterprises, NSE India, Schneider Electric India, ICICI Bank, HDFC Bank and Eternal (the listed parent of Zomato). The mix spans private healthcare, capital markets, industrials, banking and consumer internet — consistent with its stated focus on India's domestic demand story.

People

Temasek is led by executive director and CEO Dilhan Pillay, with Rohit Sipahimalani as chief investment officer. Its India operations are headed by Ravi Lambah, head of strategic initiatives and head of India, who met India's commerce and industry minister Piyush Goyal in June 2025 to discuss Temasek's growing investment footprint.

Programmes, credits and perks

Temasek does not run startup accelerators or credit programmes. Its ecosystem role is as a long-horizon anchor: a generational investor that can hold positions for decades and follow on across rounds, which makes it a prized cap-table name for late-stage founders.

How to engage

Temasek invests directly at growth and pre-IPO scale; there is no public application window and the firm does not publish a pitch inbox. Founders typically reach its investment teams through existing investors, bankers or advisors once they are at meaningful scale. Early-stage founders are more likely to encounter Temasek indirectly — through the venture funds and companies it backs.