• Temasek sharpens focus on key portfolio segments as it repositions its organisational structure for the future
• New entities and leadership appointments will enable each portfolio segment to focus on respective strategies while strengthening Temasek’s overall franchise value
• Chia Song Hwee will be appointed as Co-Chief Executive Officer (Co-CEO) of Temasek International with effect from 1 October 2025. He will work with CEO Dilhan Pillay to position the organisation for its next phase of growth
• Concurrent leadership appointments are part of the organisational strategy for continual development and strengthening of leadership bench

Singapore, Thursday, 28 August 2025 – Temasek is sharpening its focus on its key portfolio segments, as it positions the firm for the new global environment.

Three distinct portfolio segments – Global Direct Investments (GDIs); Singapore-based Temasek Portfolio Companies (TPCs); and Partnerships, Funds, and Asset Management Companies (PFAs) – will drive Temasek’s growth as the firm continues to build a resilient and forward-looking portfolio.

It will set up three wholly-owned entities – Temasek Global Investments (TGI), Temasek Singapore (TSG), and Temasek Partnership Solutions (TPS) – to manage the GDI, TPC, and PFA portfolios respectively with effect from 1 April 2026.

Temasek’s T2030 strategy is the firm’s current decade-long roadmap and the latest iteration in a series of 10-year strategic plans which the firm has implemented since the 2000s to tap on opportunities and grow its portfolio across focus sectors and geographies. Amidst a complex and ever-changing business environment, these evolving roadmaps have enabled Temasek to build portfolio resilience and deliver sustainable returns over each decade.

Positioning for the New Global Environment

In a rapidly changing world, with rising geopolitical tensions and changes to the rules-based order, Temasek has to sense the changes in our operating landscape, adapt our organisational structure to support portfolio strategies for growth and returns, and perform with greater accountability and alignment.

The firm has actively shaped its portfolio anchored by the three segments with an approximate distribution of 40-40-20 (GDIs-TPCs-PFAs)¹. Each segment is significant in absolute size and relative contribution to overall portfolio performance, with distinct attributes and strengths, requiring differentiated strategies, capabilities, and partnerships to deliver good sustainable returns over the long term.

With effect from 1 April 2026, Temasek will manage its investment portfolio through three wholly-owned entities:

• TGI: Focus on investing in GDIs² which are established and emerging market leaders that are aligned to the four structural trends of digitisation, sustainable living, future of consumption, and longer lifespans. These include resilient compounders that can deliver stable returns as well as investments in dynamic growth areas with higher expected returns across sectors and markets that we focus on. The value of GDIs in Temasek’s portfolio has grown more than 20 times from 8% in 2004 to 36% in 2025.
• TSG: Focus on active portfolio management to enhance the value of its Singapore-based TPCs³ 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%, and are stalwarts of its portfolio that deliver stable and sustainable returns over the long term. The TPCs have an aggregate revenue of about S$200 billion and employ over 160,000 people in Singapore.
• TPS: 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) have over S$90 billion of assets under management as at 31 March 2025. Seviora’s 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 Dilhan Pillay appointed as Chairman with effect from 1 September 2025⁴. 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 (TI) will continue to house the firm’s group and corporate functions providing enterprise-wide governance, strategic, and operational support to its portfolio segments.

Senior Leadership Changes

Temasek is continually strengthening its leadership bench. It has been developing and rotating its leaders to deepen their domain knowledge and gain exposure for broader leadership positions. Temasek has also augmented its internal teams with external hires who bring complementary and/or differentiated capabilities to ensure a strong and diverse leadership bench that will lead its next phase of growth.

Temasek is pleased to announce that Chia Song Hwee will be appointed Co-CEO of Temasek International with effect from 1 October 2025. Song Hwee will work with Dilhan Pillay to position the firm for the new global environment and effect the transition to the new structure. Dilhan remains Executive Director and CEO of Temasek Holdings and Temasek International.

The firm will continue to align its senior leadership bench to ensure that all entities focus on developing their differentiated strategies while strengthening Temasek’s overall franchise value. The following senior leadership changes will take effect from 1 April 2026:

• Lee Theng Kiat will step down as Chairman, TI.
• Dilhan Pillay will be appointed Chairman of the wholly-owned entities – TI, TGI, TSG, and TPS. These appointments will be held concurrently with his existing position as Executive Director and CEO, Temasek Holdings
• Chia Song Hwee will be appointed CEO, TGI and Deputy Chairman of TI, TSG, and TPS.
• Nagi Hamiyeh, Head, Europe, Middle East & Africa, will be concurrently appointed President, TGI. 
• Png Chin Yee, Chief Financial Officer, will be concurrently appointed President, TSG.

The Temasek Holdings Board, together with Dilhan Pillay as Temasek Holdings CEO, will continue to have oversight of the overall portfolio and group, and will guide the collective leadership and management of all entities, working as OneTemasek to deliver on its T2030 strategy. 

Lim Boon Heng, Chairman, Temasek Holdings, said, “Our portfolio has evolved and grown significantly over the last two decades. As we continue our journey, these changes will enable Temasek to navigate and operate effectively, positioning it to be future-ready. We must remain steadfast in our commitment to do well, do right, and do good. By harnessing our collective strengths, we act today with tomorrow in mind, so every generation prospers.” 

Dilhan Pillay, Executive Director and CEO, Temasek Holdings, said, “Temasek must stay agile to sense the pathways ahead and what could possibly be around the corner, adapt to the emerging realities, and perform with resilience in an ever-changing landscape. This next step in our T2030 strategy will position us strongly for growth, by enabling us to stay laser-focused on scaling our three segments and building a resilient and forward-looking portfolio.”

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About Temasek

Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$434 billion (US$324b, €299b, £250b, RMB2.35t) as at 31 March 2025. Our Purpose “So Every Generation Prospers” guides us to make a difference for today’s and future generations. We seek to build a resilient and forward-looking portfolio that will deliver sustainable returns over the long term. 

We have 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and Brussels, London, Mexico City, New York, Paris, San Francisco, and Washington, DC outside Asia.

For more information on Temasek, please visit www.temasek.com.sg

For media queries, please contact:

Bios of Senior Management

Dilhan Pillay

Dilhan Pillay joined Temasek in September 2010. He was appointed Executive Director and CEO of Temasek Holdings on 1 October 2021 and is concurrently the CEO of Temasek International, a position he has held since April 2019.

Dilhan has held various leadership roles in Temasek, including Head of Investment Group, Head of Portfolio Management, and Head of Enterprise Development Group. He has also led the Temasek market teams in Singapore, the Americas and Europe.

He led the Enterprise Development Group to build new longer-term growth engines, and focus on early-stage, innovative opportunities.

Prior to Temasek, Dilhan was the Managing Partner of WongPartnership LLP. He has over 20 years of legal experience, mainly focusing on mergers and acquisitions, corporate governance and corporate law.

Chia Song Hwee 

Chia Song Hwee joined Temasek in October 2011. He is currently Deputy Chief Executive Officer of Temasek International.

He has held various leadership roles in Temasek, including President and Chief Operating Officer, as well as Head of the Investment, Credit Portfolio, and Strategy Groups, and Joint Head of Portfolio Management Group. He has also led the Temasek market teams in Singapore and China. 

Over the years, Song Hwee has played a pivotal role in shaping Temasek’s global investment portfolio, provided strategic guidance to Singapore-based Temasek Portfolio Companies, and led various strategic and corporate initiatives within the firm in areas such as technology and cybersecurity.  

Prior to Temasek, Song Hwee was the CEO of Chartered Semiconductor Manufacturing Ltd (Chartered) before its integration with GlobalFoundries where he served as the Chief Operating Officer.

Nagi Hamiyeh

Nagi Hamiyeh joined Temasek in September 2005. He is currently Head, Europe, Middle East & Africa region.

He has led teams across various sectors, functions, and markets. These included teams such as Africa & Middle East; Resources; Consumer and Industrials; Investment Group; Enterprise Development Group; and Portfolio Development Group (PDG).

Nagi helped to set up PDG in 2020 and was key in partnering several of Temasek Portfolio Companies in their strategic reviews and business repositioning.

Prior to Temasek, Nagi was a banker at Credit Suisse First Boston’s Energy Group. He began his career at Bain & Company.

Png Chin Yee

Png Chin Yee joined Temasek in July 2011. She is currently Chief Financial Officer.

She has built up multi-disciplinary experiences by leading teams across various markets and functions – such as Financial Services, China market, and Portfolio Strategy and Risk Group.

Under Chin Yee’s leadership, Temasek reshaped its Financial Services portfolio from a predominantly bank-focused one, to include non-bank financial services such as digital payments, wealth management, market infrastructure, and financial software.

Her leadership stretches beyond financial expertise; she is also a founding member of the Temasek Women’s Network. 

Before joining Temasek, Chin Yee was at UBS AG, where she co-headed the Financial Institutions Group for Asia investment banking. 

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¹ As at 31 March 2025, GDIs accounted for 36% of Temasek’s portfolio value, TPCs accounted for 41%, and PFAs made up the remaining 23%.

² GDIs include Adyen, Betashares, BlackRock, Manipal Health Enterprises, Tencent, and VFS Global.

³ Singapore-based TPCs include CapitaLand, DBS, Mapletree, PSA, Sembcorp Industries, Singapore Airlines, Singtel, SP Group, and ST Engineering.

⁴ Full details can be found in Seviora’s announcement dated 28 August 2025.