Temasek CEO Dilhan Pillay to chair Vertex as FY2025 profit tops US$100 million
Temasek is preparing to ‘derive greater synergy with its other funding platforms’, Vertex says
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SINGAPORE] Dilhan Pillay, executive director and CEO of Temasek, will succeed Teo Ming Kian as the chairman of Vertex Venture Holdings on Wednesday (Apr 15), the venture capital firm said in a media statement on Friday.
Teo will be retiring from the board, as will Vertex’s deputy chairman Lee Kheng Nam, who has been with the company since its inception in 1988.
Pillay, who previously served on the Vertex board from 2015 to 2018, takes over as Temasek “prepares to derive greater synergy with its other funding platforms”.
“Pillay has had a longstanding association with Vertex, including during his tenure as senior managing director of Temasek and head of the enterprise development group, where Vertex was under his purview,” the statement read.
The leadership change follows a financial year in which Vertex reported a profit of more than US$100 million for FY2025.
It was driven by several high-value exits, including Merck’s acquisition of EyeBio for up to US$3 billion and Salesforce’s US$2.1 billion acquisition of Own Company.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The group also saw gains in public markets, including with Horizon Robotics, which listed in 2024 at a US$6.7 billion valuation and almost doubled that to US$13 billion by April 2026.
The firm noted that its assets under management have expanded significantly during the outgoing chairman’s tenure, rising from nearly US$200 million in 2012 to about US$7 billion in 2026.
During this period, “Vertex strategically restructured from a Temasek-anchored fund, with its investment professionals as employees, to a global platform of general partner-owned network funds with third-party investors, with returns recycled after dividend payments to the shareholder”, it added.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
