Singapore's Temasek hits record portfolio value, eyes more investment in AI, infrastructure and private credit

Singapore’s Temasek hits record portfolio value as it signals more investment focus on AI, “core-plus” infrastructure and private credit. Temasek Holdings reported net portfolio value of SGD 518 billion (USD 401 billion) for the year ended March 31, marking a second consecutive annual record. Total shareholder return rose 10.5% in the financial year, supported by Singapore holdings performance and gains from divestments. The Straits Times Index increased more than 23% from April 2025 to March 2026, aided by the Monetary Authority of Singapore’s Equity Market Development Programme. Temasek cited a roughly 2% drag to portfolio value from the Iran war beginning Feb. 28, and a stronger Singapore dollar cutting the one-year return by about 2 percentage points. The investor, which holds stakes in DBS, Singapore Airlines and Singtel, made SGD 31 billion in divestments, including a reported SGD 8.18 billion sale related to Schneider Electric India in June 2025. It plans to raise AI exposure to 15% by 2031 and private credit to 5%.