Temasek’s Strategic Shift | From Start-ups to Stability

Singapore’s Temasek is scaling back its direct investments in early-stage start-ups after a string of high-profile losses and a challenging macro environment. The state-owned fund, managing a $300 billion portfolio, slashed its direct early-stage investments from $4.4 billion in 2021 to just $70 million so far this year. The shift comes after write-downs like its $275 million loss in FTX and setbacks in companies such as eFishery and Zilingo. Temasek plans to focus on more mature companies closer to IPOs and continue indirect investments through venture capital funds. This more cautious approach aims to manage risk, diversify its portfolio, and stabilize returns amid high interest rates and tougher IPO conditions.

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