Temasek's own review has no separate venture capital line

The record

Temasek, the Singapore state investment company, discloses its portfolio through an annual Temasek Review. The Temasek Review 2025 Highlights, accessed via the Wayback Machine after Temasek's live site returned a bot challenge, states Temasek's net portfolio value was S$434 billion as at 31 March 2025, Temasek's financial year end. A footnote defines this figure as 'valuing our listed investments at share prices and unlisted investments at book value less impairment'; the same page states that marking the unlisted portfolio to market instead would add a further S$35 billion, bringing the total to S$469 billion.

What the sources establish

Temasek discloses its holdings by broad sector, not by financing stage. The 2025 Highlights show 'Telecommunications, Media & Technology' at 22 percent of underlying sector exposure in both 2025 and 2024, a single bracket that mixes mature listed telecom and media holdings with any technology-sector venture or growth positions; there is no separate 'venture capital' line. A companion document, the Temasek Review 2025 Portfolio Evolution Factsheet, describes the portfolio as three segments – Temasek Portfolio Companies, Global Direct Investments and Partnerships, Funds and Asset Management Companies – and states that under its 2011 T2020 strategy Temasek's Global Direct Investments benefited from 'the returns of our unlisted assets, such as our growth equity investments,' while its 2004 acquisition of Vertex Holdings, a venture capital firm, sits inside the third, funds-based segment.

Scope and revision

Net portfolio value is Temasek's own total-portfolio measure under its own valuation basis, not a fund's committed or invested capital and not directly comparable to a venture fund's reported multiple or IRR. The listed-at-market, unlisted-at-book methodology means the S$434 billion figure understates current fair value by Temasek's own S$35 billion estimate for the unlisted book, which the Review itself labels as a hypothetical uplift rather than the reported figure. Because venture-type exposure is split between a sector bracket (Global Direct Investments) and a subsidiary asset manager (Partnerships, Funds and Asset Management Companies), no single disclosed percentage answers 'how much does Temasek have in venture.'

The decision in front of you

An analyst wanting Temasek's venture-adjacent exposure should treat the 22 percent technology-sector figure as an upper bound that includes non-venture holdings, and should look separately at named vehicles such as Vertex Holdings for anything resembling a dedicated venture allocation. This is an editorial inference from the two documents, not a figure Temasek itself states.

• Is a Temasek 'technology' figure being read as venture exposure when it also includes mature listed holdings?
• Is the S$434 billion net portfolio value being compared to a fund's invested capital rather than to another sovereign investor's own total?
• Does the citation distinguish Temasek's reported book-value figure from its own hypothetical mark-to-market uplift?

Temasek's own documents show a sovereign investor that discloses a total and a sector mix but declines to isolate venture capital as its own category, leaving that isolation to the reader.