State investment company · Singapore
Temasek
About
Temasek is Singapore's state-owned investment company, holding direct equity stakes in companies across sectors and geographies — distinct from GIC, which manages the country's reserves rather than direct operating stakes.
APAC secondaries activity
Temasek is a backer of Carro's planned dual US–Singapore listing, part of a broader pattern of the fund taking direct positions in Southeast Asia's later-stage private companies ahead of an eventual exit.
What a transaction here looks like
A state investment company invests its own balance sheet rather than managing outside capital, which removes the fund-life pressure that drives much secondary supply. In this market it shows up as a direct investor in companies, as a limited partner in funds, and as a buyer able to anchor large regional transactions.
Who sits on the other side
Counterparties are managers, companies and institutions across the region. The absence of a fund clock is the distinguishing feature: where most sellers in this market are managed by someone else's timetable, permanent capital can choose its moment — which makes it a natural buyer when others are forced sellers.