Engaging Our Fund Managers

As a sustainability-focused long-term investor, we engage our Partners, Fund Managers, and Asset Management Companies to advance responsible investment practices.

Making up around 23% of our portfolio as at 31 March 2025, our Partnerships, Funds, and Asset Management Companies allow us to tap on a broad range of opportunities by collaborating with industry leaders to offer and scale capital solutions such as private equity, private credit, public market investments, and tailored financing options.

Our Partnerships and Funds include our impact investment partnership with LeapFrog Investments and strategic partnerships with Brookfield and Global Infrastructure Partners; as well as a high-quality portfolio of funds diversified across geographies, sectors, and vintages.

Our Asset Management Companies have over S$90 billion of assets under management as at 31 March 2025. These include third-party capital as well as our capital in ABC Impact, Aranda Principal Strategies, Decarbonization Partners, Heliconia, Pavilion Capital, Seviora Holdings, Vertex Holdings, and 65 Equity Partners.

While our investment exposure through Partnerships, Funds, and Asset Management Companies is relatively small when compared to our direct investments, we also extend our ESG philosophy to these investments.

In assessing external fund managers, we evaluate their ESG approach from an investment lifecycle perspective to understand their ESG commitment, due diligence, stewardship practices, and reporting to investors on ESG. In line with our own climate commitment, we seek to understand how they manage climate-related risks and opportunities, referencing leading international frameworks.

On an ongoing basis, we engage in conversations with these managers to foster mutual learning and best practice sharing. We expect the external managers to adopt a similar mindset of continuous improvement and to strive to apply best industry practices in managing material ESG issues for their portfolios. We monitor the ESG practices of our key external managers through an annual ESG survey, where they share their latest ESG initiatives and plans going forward, for the core areas of our assessment. We also have deeper and more regular engagements with external managers for which we have active investment positions in the fund management company, beyond just fund investments.