Temasek: a state-owned investor with its own portfolio

Names and abbreviations on this page

AUM — Assets under management. The value of assets an investment manager advises or manages; this is not the manager’s own wealth. Calculation methods can differ.

FTX — FTX (exchange brand name). The cryptocurrency-exchange brand discussed in the historical investment and fraud case; the name is retained as a brand rather than given an unsupported expansion.

US — United States. US$ denotes United States dollars.

NBIM — Norges Bank Investment Management. The investment-management organization that manages Norway’s Government Pension Fund Global.

Scale or institutional role

Net portfolio value, mark-to-market basis: S$518 billion

Period: March 31, 2026

Temasek-owned net portfolio value; unlisted investments marked to market and historical series restated. Not Singapore’s total reserves or third-party client AUM. [1]

What the financial number means

Temasek reported S$518 billion in net portfolio value at March 31, 2026. Its 2026 reporting completes a move to mark-to-market valuation of unlisted investments, with earlier comparison years restated. Comparisons against older book-value headlines therefore need adjustment. The number describes its own investment portfolio, unlike the client assets reported by a conventional third-party asset manager. [1]

Ownership and decision-making

Temasek is wholly owned by Singapore’s Minister for Finance. Its governance statement says its board and management make investment decisions and that the government does not direct individual investments, apart from constitutional safeguards for past reserves. Shareholder powers over board appointments and protection of reserves still matter. State ownership and operating autonomy are different questions, and both should be examined. [2]

Capital, institutions, and supply chains

Temasek invests through Singapore-based portfolio companies, global direct investments, and partnerships, funds, and asset-management businesses. These channels connect it to financing, technology, infrastructure, and other parts of the economy. Its 2026 release identifies artificial intelligence as a strategic focus. A specific investment can influence access to capital or governance, but does not automatically make all investees a single centrally directed supply chain. [1]

Documented criticism and accountability

Its failed FTX investment brought scrutiny of investment judgment and due diligence. Reuters reported the US$275 million writedown and subsequent compensation reductions. Temasek’s May 2023 review statement said it found no investment-team misconduct, while the team and senior management accepted collective accountability. Attribute that conclusion to the internal review; it is not an independent judicial exoneration or evidence that Temasek committed FTX’s fraud. [3][4]

Related learning

Norway’s Government Pension Fund Global and NBIM

Ajay Banga: development finance & private capital

BlackRock: managing client capital and delegated influence

How size and influence are compared

Follow the money and the type of relationship

External Resources