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    SG · Singapore

    Temasek

    Also called: Temasek Holdings

    TL;DR

    Singapore's $390B+ state-owned investment company, active across late-stage tech, financial services, and infrastructure as a direct investor and global LP.

    Temasek Holdings is Singapore's investment company, established in 1974 to manage state assets independently of the central bank's reserves. With approximately $390B AUM (FY2024), it operates as a direct investor across late-stage technology (Stripe, Databricks, ByteDance), financial services, life sciences, and infrastructure, and as an LP in many top global VC funds.

    For startups, Temasek typically participates from Series C onwards with $50M+ cheques, often as a co-anchor in $200M+ growth rounds. Its dedicated venture arm Vertex Ventures backs early-stage SEA startups, and its subsidiary 65 Equity Partners targets growth equity. Temasek's brand is one of the most respected sovereign-wealth signals globally, having Temasek on a cap table reads as both financial validation and strategic commitment to APAC.

    Worked example

    A US fintech raises a $400M Series E led by Temasek ($150M) and General Atlantic ($120M) at a $5B post-money valuation. Temasek's stake comes with a board observer seat, a commitment to expand the company's APAC user base from 2M to 10M over 36 months, and warm intros to three Singapore banks for distribution partnerships.

    Common pitfalls

    • •Pitching Temasek at Series A, they almost never participate that early, even via Vertex.
    • •Confusing Temasek with EDBI or GIC, three independent organisations with different strategies.
    • •Assuming Temasek is 'patient capital', they evaluate IRR on a Tier-1-VC-equivalent basis.

    When this shows up in a pitch deck

    Late-stage tech decks list Temasek as a lead investor on the deal-structure slide; Series A decks rarely cite Temasek directly.

    Related terms

    EDBI

    Corporate investment arm of Singapore's Economic Development Board, investing in growth-stage tech globally to anchor company HQs and R&D in Singapore.

    Sovereign Wealth Fund

    A state-owned investment fund, typically funded by oil revenues or trade surpluses, that increasingly participates in late-stage venture and growth rounds.

    Section 13O / 13U

    Two Singapore tax-exemption schemes (13O for onshore funds, 13U for enhanced-tier funds) widely used by VC and PE funds for Singapore tax exemption.

    Series C

    A late-stage growth round used to accelerate scale, expand internationally, or prepare for an IPO, typically $50M to $200M.

    Follow-On Investor

    An investor who joins a round after the lead has set the terms, taking a smaller check and rarely a board seat.

    Use Temasek in your next pitch deck

    Deckmetric scores your pitch across 10 VC frameworks and against 8 investor types.