Temasek sets up three new entities in restructuring move

Temasek said the move comes at a time of rising geopolitical tensions and changes to the rules-based order, adding that adapting its structure would enable greater accountability and alignment in delivering long-term sustainable returns.

On 28 August 2025, Temasek announced a new organisational structure as it positions itself for the changing global environment.

The firm will sharpen its focus around three portfolio segments which are Global Direct Investments (GDIs), Singapore-based Temasek Portfolio Companies (TPCs), and Partnerships, Funds, as well as Asset Management Companies (PFAs). These will drive Temasek’s growth while continuing to build a resilient and forward-looking portfolio.

From 1 April 2026, Temasek will set up three wholly owned entities to manage the segments: Temasek Global Investments (TGI) for GDIs, Temasek Singapore (TSG) for TPCs, and Temasek Partnership Solutions (TPS) for PFAs.

Positioning for a new global environment

Temasek said the move comes at a time of rising geopolitical tensions and changes to the rules-based order. It added that adapting its structure would enable greater accountability and alignment in delivering long-term sustainable returns.

The portfolio has been actively shaped around the three segments, with an approximate distribution of 40% in GDIs, 40% in TPCs, and 20% in PFAs. Each segment, Temasek noted, is significant in scale and requires differentiated strategies, capabilities, and partnerships.

With the new structure:

• TGI will focus on investing in GDIs, which include established and emerging market leaders aligned to four structural trends: digitisation, sustainable living, future of consumption, and longer lifespans. The portfolio will comprise resilient compounders capable of delivering stable returns, as well as investments in dynamic growth areas with higher expected returns across targeted sectors and markets. GDIs have grown significantly in Temasek’s portfolio, rising more than 20 times from 8% in 2004 to 36% in 2025.
  
• TSG will focus on actively managing Singapore-based TPCs to enhance their value and help them remain globally competitive while staying rooted in Singapore. These long-term investments typically have a minimum shareholding of 20% and are considered portfolio stalwarts that provide stable and sustainable returns over time. Collectively, the TPCs generate around S$200bn in revenue and employ over 160,000 people in Singapore.
  
• TPS will manage the allocation of capital to funds and asset management, working with Seviora Holdings, which oversees more than S$90bn of assets. TPS will also enable Temasek to scale its capital and provide financing solutions such as private equity, private credit, and public market investments.

Temasek International (TI) will continue to provide group-wide governance, strategic, and operational support.

Leadership changes

As part of strengthening its leadership bench, Temasek announced that Chia Song Hwee will be appointed Co-CEO of Temasek International from 1 October 2025, working alongside Dilhan Pillay, who remains Executive Director and CEO of Temasek Holdings and Temasek International.

Further leadership changes from 1 April 2026 include:

• Lee Theng Kiat stepping down as Chairman of TI.
  
• Dilhan Pillay being appointed Chairman of TI, TGI, TSG, and TPS, in addition to his current role.
  
• Chia Song Hwee taking on the role of CEO, TGI, and Deputy Chairman of TI, TSG, and TPS.
  
• Nagi Hamiyeh currently Head of Europe, Middle East & Africa, becoming President of TGI.
  
• Png Chin Yee currently CFO, becoming President of TSG.

Comments from leadership

Lim Boon Heng, Chairman, said the firm’s portfolio has evolved and grown significantly over the last two decades. He added that the changes will enable Temasek to navigate challenges effectively and position itself for the future. Lim emphasised the firm’s commitment to “do well, do right, and do good”.

Dilihan Pillay, Executive Director and CEO said: “This next step in our T2030 strategy will position us strongly for growth, by enabling us to stay laser-focused on scaling our three segments and building a resilient and forward-looking portfolio.”

Lead image / Temasek LinkedIn