Temasek revamp makes sense given the varied capabilities needed to manage growing portfolio 

Back in the early 2000s, it puzzled me that Temasek Holdings chose to describe itself as an Asia investment company headquartered in Singapore; and its key portfolio holdings as Temasek-linked companies instead of government-linked companies.

At the time, more than 90 per cent of Temasek’s portfolio consisted of local corporate stalwarts such as DBS, Keppel, SIA and Singtel. While these companies had independent boards and professional managers, they were also important pillars of Singapore’s economic development.

As Temasek expanded over the last two decades, it has indeed become much more than just a vehicle through which the government holds its local corporate interests. As at Mar 31, 2025, these Singapore-based Temasek portfolio companies (TPCs) accounted for only 41 per cent of its net portfolio value of S$434 billion.