In what is seen as its biggest restructuring move since 2011, Temasek is setting up three wholly owned entities — Temasek Global Investments (TGI), Temasek Singapore (TSG), and Temasek Partnership Solutions (TPS) — to drive growth amid a shifting global landscape, according to a company announcement on Thursday.
The development will see global direct investments (GDIs) (managed by TGI); Singapore-based Temasek portfolio companies (TPCs) (managed by TSG); and partnerships, funds and asset management companies (PFAs) (managed by TPS) become the key pillars of Temasek’s portfolio strategy with effect from April 1, 2026.
DealStreetAsia had earlier detailed the restructuring of the state investor in its Beyond the Buyout newsletter dated August 22, 2025.
Furthermore, Temasek has strengthened its leadership bench with external hires and announced that Chia Song Hwee will be appointed co-CEO of Temasek International, effective October 1, 2025. He will work alongside Dilhan Pillay to position the firm for the new global environment and oversee the transition to the new structure.
The other senior leadership changes include Lee Theng Kiat stepping down as Chairman of Temasek International. Pillay will be appointed Chairman of the three newly established entities while continuing in his current role as Executive Director and CEO of Temasek Holdings.
Hwee will be appointed CEO of TGI and Deputy Chairman of Temasek International, TSG, and TPS. Nagi Hamiyeh, Head of Europe, Middle East & Africa, will concurrently take on the role of President-TGI, while Png Chin Yee, Chief Financial Officer, will concurrently serve as President-TSG.
The Temasek Holdings board, together with Pillay in his capacity as CEO of Temasek Holdings, will continue to oversee the overall portfolio and group, guiding the collective leadership and management of all entities, working as OneTemasek to deliver on its T2030 strategy.
Portfolio realignment
The announcement explained that the state-owned investor has actively shaped its portfolio around the three segments, with an approximate distribution of 40-40-20 across its core segments—GDIs, TPCs, and PFAs.
TGI will focus on investing in GDIs which are established and emerging market leaders aligned to the four structural trends of digitisation, sustainable living, future of consumption, and longer lifespans. The value of GDIs in Temasek’s portfolio has grown more than 20x from 8% in 2004 to 36% in 2025.
TSG will focus on active portfolio management to enhance the value of its Singapore-based TPCs and enable them to be globally competitive while staying rooted in Singapore. These companies are Temasek’s long-term investments, typically with a minimum shareholding interest of 20%. The TPCs have an aggregate revenue of about S$200 billion and employ over 160,000 people in Singapore.
TPS will focus on managing allocation of capital to invest in funds, building strategic relationships with these funds and other investors, and working with Seviora Holdings to deepen relationships with partners. Seviora will be the main asset management platform for Temasek.
Temasek’s asset management companies (AMCs) managed over S$90 billion in assets as of March 31, 2025. Seviora CEO Gabriel Lim will work together with TPS to undertake a strategic review of existing AMCs and explore growing new ones.
Seviora’s board will be reconstituted with Pillay appointed as Chairman with effect from September 1, 2025. TPS will enable Temasek to scale its capital and tap on a broad range of opportunities that include offering capital solutions such as private equity, private credit, public market investments, and tailored financing options.
Temasek International will continue to house the firm’s group and corporate functions providing enterprise-wide governance, strategic, and operational support to its portfolio segments.
