Temasek expands footprint in North America with San Francisco office
Complements existing presence in New York to tap on investment opportunities in the West Coast
16 February 2017
SAN FRANCISCO, 16 February 2017 – Singapore-based investment company, Temasek, officially opened its San Francisco office today, marking the occasion at a reception attended by guests and partners from the Americas, as well as Europe and Asia. The opening follows the establishment of its London and New York offices in March and June 2014 respectively.
Temasek’s expanded presence in North America reflects the growing investment opportunities in the region. The teams working from the office in San Francisco will complement those working in New York, as well as closely collaborate with Temasek's offices in Mexico City and São Paulo in Brazil. The San Francisco office will serve as a gateway to investment opportunities and facilitate the deepening of relationships within the Bay area and beyond.
Reflecting on these opportunities, Mr Lim Boon Heng, Chairman of Temasek Holdings, commented, “Many companies we look at here in the US are developing products and services that cater to users beyond the domestic market. They play to the changes in demographics in places like Asia and Latin America. We see a continuing focus on sectors that are a natural complement to what this region does well – technology, life sciences, and particularly, the congruence of the two”.
Incorporated in June 1974, Temasek has grown from its initial portfolio of mostly Singapore companies to become an active investor in Asia, Europe and the Americas. Its portfolio of S$242 billion (US$180 billion), as at 31 March 2016, included an increasing 20% exposure to assets in Europe and the Americas. Some of its investments in the US include Verily Life Sciences, a life sciences research and engineering organisation owned by Alphabet Inc; VoloAgri, a developer of high value proprietary hybrid vegetable seeds; PayPal, a digital payment service provider operating in more than 200 markets worldwide; SoFi, an online personal finance company; and Airbnb, a global marketplace for travel accommodation.
“As an active investor and shareholder, Temasek takes a long view on our investments and actively invests to deliver sustainable value over the long term. We believe the continuing transformation of economies around the world will provide opportunities to strengthen and deepen our portfolio of companies playing a role in that transformation, even against an increasingly challenging macro environment"," said Mr Lee Theng Kiat, CEO of Temasek International.
“The opening of our San Francisco office underscores the importance of North America as an investment destination for us. It will work closely with our offices in New York, Mexico City and São Paulo in Brazil to cover both North and Latin America. As a global investor, we will look to these offices, including our London office for Europe and Africa, to provide a lift for our portfolio beyond Asia,” Mr Lee added.
Temasek’s Joint Head of North America, John Vaske, emphasised that the Bay area offers tremendous opportunities.
“We recognise that opportunities arising from the East Coast and the West Coast are diverse and unique, and have always intended to have an office in San Francisco alongside our New York office. We have been stepping up our US investments, and our exposure to North America has grown to 10% of our portfolio as of March 31, 2016. The opening of our San Francisco office comes at a time where we see increasing opportunities in areas such as technology, healthcare, life sciences and agriculture, as well as early stage investments.
Over the years, we have been constantly engaging our friends in the US, and have gained valuable experiences and insights. Having our feet on the ground now allows us to broaden and strengthen these valued relationships, especially those in the Valley. It enables us to deepen our engagement, not just with the vibrant ecosystem of startups, technology companies and the business community, but also the wider community, here in the US,” he said.
The opening of Temasek’s San Francisco office was also marked by the second meeting of its Temasek Americas Advisory Panel, which was launched in June 2016. The Panel comprises pre-eminent business leaders with deep experience, insights and perspectives on significant industry, economic, social and political trends, with a focus on the Americas.
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Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 11 offices globally, Temasek owns a S$242 billion (US$180b, €158b, £125b) portfolio as at 31 March 2016, mainly in Singapore and Asia.
Our portfolio covers a broad spectrum of industries: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences & agriculture; as well as energy & resources. Our investment activities are guided by four investment themes and the long term trends they represent:
- Transforming Economies;
- Growing Middle Income Populations;
- Deepening Comparative Advantages; and
- Emerging Champions.
Our compounded annualised Total Shareholder Return since inception in 1974 is 15% in Singapore dollar terms, or 17% in US dollar terms.
Temasek has had an overall corporate credit rating of Aaa/AAA by rating agencies Moody’s Investors Service and S&P Global Ratings respectively, since our inaugural credit rating in 2004.
Along with our Singapore headquarters, our offices are also located in New York, San Francisco, São Paulo and Mexico City in the Americas; London in Europe; Beijing and Shanghai in China; Mumbai and Chennai in India; and Hanoi in Vietnam.
As an institution, we have a stake in the well-being of our larger community. We recognise that environmental, social and governance factors can impact them as well as the long term sustainability of companies and businesses.
For more information on Temasek, please visit www.temasek.com.sg
For the latest Temasek Review, please visit www.temasekreview.com.sg