Temasek, Singapore's state investor, grew to a record S$518 billion (about US$401B) in the year to March 2026, a 10.5% return. Unlisted, private assets now make up half its portfolio, up steadily over a decade. And it is concentrating on a theme: it plans to more than double AI-related exposure from 6% toward 15% by 2031, and made its biggest one-year increase in China in five years.
Key numbers, and what they mean
50%
Share of Temasek's portfolio now in unlisted, private assets, up steadily over the past decade. Direct private holdings, not public stakes, are now half the book.
10.5%
Its one-year return in Singapore-dollar terms to March 2026, lifting the portfolio to a record S$518B. Its 20-year return is 6.8%.
6% to 15%
Its AI-related exposure today and its target by 2031, a deliberate, concentrated bet on a single theme.
27% / 26%
Singapore and the US, now nearly co-equal as its largest exposures. About three-quarters of the portfolio sits outside Singapore.
Portfolio by liquidity, 2026
Unlisted / private50%
Listed (major stakes)25%
Liquid listed (minority)25%
The read-through
From the report
Takeaway: how to apply it to a portfolio
Half of Temasek's portfolio is now unlisted private assets, up steadily over a decade.
A top global investor has moved to private-majority. But it can hold illiquid assets forever and fund itself; before you match its weight, match its horizon and cash needs.
Temasek is deliberately concentrating, doubling AI exposure toward 15% and raising China in a single year.
Concentration in a theme can drive returns and can hurt. If you make a thematic bet, size it so being early or wrong does not sink the whole portfolio.
It is also scaling private credit and infrastructure from low-single-digits toward 5% each by 2031.
Even a direct investor is adding income-like private assets. For you, the question on each is whether the yield pays you enough for locking the money up.
The Argus lensAs Temasek's book goes half-private and thematic, the value rests on private valuations and manager quality. An independent read on what a private deal or fund is really worth, and how it compares, is exactly what we give family offices and RIAs.
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About the source
Temasek Review 2026, published July 2026, covers the year ended March 31, 2026: the record S$518B (about US$401B) net portfolio value, 10.5% one-year return, the 50% unlisted share, and the AI and China moves.