Temasek

Temasek deepens its commitment to Italy through strategic partnership with FSI, the largest fund in Europe dedicated to one single country. In Italy, thousands of companies are still run by the founders and families who started them. Many are strong local champions with deep industrial capabilities and the potential to scale internationally. They are now approaching a new phase of growth or succession. That is the opportunity we are stepping into. Our Italian portfolio includes Moncler, Ermenegildo Zegna Group and Golden Goose. Beyond luxury and consumer, we see opportunities in industrials, automation, electrification, life sciences, aerospace and dual-use defence. Now we are extending into Italy’s mid-market with FSI, the largest European private equity manager dedicated to a single country. Building on our investment in FSI's funds since 2018, we have acquired a 9% strategic minority stake in the management company of FSI, the largest European private equity manager dedicated to a single country. We will also commit additional capital to its future funds, including its new Scale-up Capital Solutions fund for Italian high-growth SMEs. The partnership brings together complementary strengths. Maurizio Tamagnini, CEO and Managing Partner of FSI, said, “Italy is home to some of Europe's most remarkable SMEs, and FSI has become the bridge through which the world's leading institutional capital reaches them." Nagi Hamiyeh, President of Temasek Global Investments, said, "Italy is an integral part of Temasek's Europe strategy. Through this partnership, we can leverage the Temasek platform, drawing on our sector capabilities and global networks to help Italian companies expand into new markets and realise their long-term growth ambitions.” Read the full press release here: https://tmsk.sg/0wt #TemasekInvests #Italy #Europe #Partnership #MidMarket #LongTermInvesting #SoEveryGenerationProspers

What does it take to keep a portfolio resilient through a year shaped by overlapping uncertainties? In this year’s Temasek Review, we reflect on an operating environment where geopolitical, technological, and economic shifts reinforced one another. Cutting across them was AI: reshaping industries, business models, and the way we work. Against this backdrop, we stay focused on moving from complexity to clarity: assessing performance over the long term, sharpening our portfolio for resilience, maintaining the flexibility to navigate shocks, and deploying capital with discipline. Our returns remained resilient: Net Portfolio Value grew to S$518 billion as at 31 March 2026, marking a doubling of our portfolio over the past decade, with 20-year TSR at 6.8% and 10-year TSR at 7.1%. In this issue of The Catalyst, hear from our leaders about our performance and how we are positioning our portfolio for the future. Read the full issue and subscribe to The Catalyst newsletter.

Temasek has published its annual #TemasekReview. Over the decade, we have doubled our portfolio value, reflecting its continued resilience in a dynamic global landscape. This year’s Net Portfolio Value grew to S$518 billion, up S$49 billion from last year. Our 20- and 10-year TSRs were 6.8%, and 7.1% respectively, with one-year returns of 10.5% in SGD (14.8% USD). Learn more about our investment outlook and how we view opportunities such as AI, core-plus infrastructure and private credit in the full report.

Just wrapped a productive series of media conversations in Paris around the launch of #TemasekReview2026 and to reaffirm why Europe matters to Temasek. Europe is our second-largest destination for capital outside Singapore, with France being the largest within the region. Since 2024, we have deployed close to €13 billion, and we are well on track towards our €14–17 billion commitment through to 2029. Our underlying exposure to EMEA stands at ~€43 billion. Our approach is disciplined and long-term. We focus on sectors where Europe leads — core-plus Infrastructure platforms, iconic consumer and luxury brands with global reach, digitisation and automation of industrial supply chains, financial infrastructure and services, and defence. In each, we look for category leaders that can compete well beyond their home markets. What often sets us apart is the way we partner. Much of Europe’s economy is shaped by families and founders who are looking not just for capital, but for a like-minded partner with a long-term horizon. That is a role we are built to play. We are comfortable taking minority positions and working alongside management teams and owners over the long term, helping their businesses transform and scale into new markets, including Asia. The environment remains complex. But for a patient investor, complexity often surfaces opportunity. We will keep leaning in with conviction and discipline to construct a resilient portfolio that can perform through shocks. You can read more about our investment approach and outlook in Temasek Review 2026: https://tmsk.sg/jtj #OneTemasek

Partnerships. Platforms. Differentiated access. Our Partnerships, Funds, and Asset Management Companies (PFAs) segment makes up 19% of Temasek’s portfolio, with 10-year IRR of 7.7%. In this video, Alpin Mehta, Head of Private Equity Capital Solutions, Temasek Partnership Solutions (TPS) speaks to how TPS delivers resilient returns and differentiated access at scale in two ways: 🤝 Strategic relationships with top-tier general partners and leading co-investors, backed by a diversified portfolio of fund managers across geographies, sectors, and strategies, providing proprietary insights and deal flow across Temasek. 📈 Our asset management ecosystem, with Seviora Holdings as our main Asset Management Platform, is a multi-strategy asset manager scaling capabilities across private equity, private credit, public markets, and tailored financing, with a focus on Asia. Gabriel Lim, CEO of Seviora Holdings, shares Seviora's vision: to be a capital gateway between Asia and the rest of the world, bridging capital flows in both directions. Watch the video to hear how TPS scales capital and accesses differentiated opportunities. Learn more about PFAs here: https://tmsk.sg/f307b9 #Temasek #TemasekInvests #TemasekPartnershipSolutions

Growth. Resilience. Conviction. Our Global Direct Investments (GDIs) make up 38% of our portfolio (as at 31 March 2026), with 10-year IRR of 7.6%. In this video, Chia Song Hwee, CEO of Temasek Global Investments (TGI) and Nagi Hamiyeh, President of TGI discuss how we invest globally with conviction and discipline. Song Hwee sets out how TGI is building a strong global portfolio through select, larger opportunities with emerging and established market leaders, in areas such as AI and core-plus infrastructure. Nagi speaks to how we invest through cycles: in the key markets where we see opportunities of scale, and in the companies we actively engage. Where fundamentals are strong and the long-term opportunity remains, we invest with conviction. Watch the video to hear how TGI invests for growth and resilience, globally. Learn more about our portfolio and performance here: https://tmsk.sg/de5134 #Temasek #TemasekInvests #TemasekGlobalInvestments