Singapore’s state-owned investment fund Temasek Holdings’ net assets under management reached $339B (S$434B) by the end of its financial year ending March 31, 2025 — up $45B from the year prior — while keeping focused on sustainability.
As at March 31, 2025, investments aligned with Temasek’s Sustainable Living trend represented 11% of its net portfolio value. The fund’s sustainable and climate transition investments focused on areas such as food, water, waste, energy, materials, clean transportation, and the built environment.
The fund has a target to reduce its net carbon emissions from its portfolio to half of its 2010 levels by 2030 and aims to reach net zero by 2050.
As of the end of March, Temasek’s underlying portfolio exposure was primarily domestic (27%) and within the Americas (24%), followed by China (18%); Europe, the Middle East, and Africa (12%); Asia Pacific, excluding Singapore, China and India (11%); with the least exposure to India (8%).
As it builds resiliency into its portfolio, the fund noted 41% of its equities are long-term investments in Singapore-based companies in which Temasek typically holds a minimum shareholding interest of 20%. These organizations have a consolidated revenue of more than S$150B.
Another 36% of its allocations were global direct investments consisting primarily of equity investments as of March 31. Companies among its investments are aligned to four structural trends — digitization, sustainable living, future of consumption, and longer lifespans — that it expects to persist through economic cycles.
Additionally, 23% of Temasek’s equities were comprised of partnerships with private equity funds, private credit, and impact investments, as well as its asset management companies. These partnerships allow the fund to tap into a broad range of opportunities, such as private equity, private credit, public market investments, and tailored financing options.
Among Temasek’s equities allocations, transportation (22%) and financial services (22%) have the highest exposure, with telecommunications, media and technology (20%) also fairly high. By contrast, it had significantly lower exposure to consumer and real estate (13%), life sciences and agri-food (7%), multi-sector funds (9%), and other investment areas, including credit (7%).
By March 31, Temasek had retuned 5% over a 10-year period and 7% over a 20-year period.
