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Ins & Outs of Temasek

Temasek’s sources of funds come mainly from what we do as an investor and shareholder.

Temasek owns its assets – we are not a fund manager.

We do not manage:

  • Singapore CPF savings
  • Singapore Government assets
  • Singapore foreign exchange reserves

The visual guide below explains Temasek’s sources of funds and how they may benefit you, businesses, or the community at large.

A visual guide to our sources of funds and their use.

Icon Divestments

We receive proceeds from the sale of our investments whenever we rebalance our portfolio.


Our annual divestments averaged about S$36 billion over the last five years.

Icon Dividends from Portfolio

We receive dividends from our portfolio companies.


Our annual dividends averaged S$9.7 billion in the last five years.

Icon Distributions from Funds

Funds we have invested in distribute their returns to us when they start maturing.

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Icon Temasek Bonds

We borrow from bond investors through our US$25 billion Guaranteed Global Medium Term Note Programme and S$5 billion Guaranteed Medium Term Note Programme.


As at 31 March 2025, we had 26 Temasek Bonds outstanding totalling some S$20.2 billion with a weighted average maturity of over 18 years.


All Temasek Bonds issued to date have been rated Aaa by Moody’s and/or AAA by S&P.

Icon Temasek Euro-commercial Paper (ECP)

We borrow short-term money by issuing ECP, with maturities typically below a year.


As at 31 March 2025, our S$0.4 billion of ECP outstanding had a weighted average maturity of above two months.

Icon Bank Borrowings

We may also borrow from banks from time to time, especially for short-term funding or bridging needs.

Icon Investment by Shareholder in Temasek’s Shares

Our shareholder, the Minister for Finance, may invest in Temasek's shares. These investments are made at the discretion of our shareholder as part of their own decision as to their overall asset allocation, taking into account the Singapore Government’s liquidity needs and the long-term risk-adjusted expected returns of such investments. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information. The number of shares issued by Temasek to the Singapore Government is based on the audited consolidated Temasek Group Shareholders’ Funds.

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Temasek mixing pot

A visual guide to our sources of funds and their use.

  • Funnel
  • Funnel
  • Icon Divestments

    We receive proceeds from the sale of our investments whenever we rebalance our portfolio.

    Our annual divestments averaged about S$32 billion over the last five years.

  • Icon Dividends from Portfolio

    We receive dividends from our portfolio companies.

    Our annual dividends averaged S$10 billion in the last five years.

  • Icon Distributions from Funds

    Funds we have invested in distribute their returns to us when they start maturing.

  • Icon Temasek Bonds

    We borrow from bond investors through our US$25 billion Guaranteed Global Medium Term Note Programme and S$5 billion Guaranteed Medium Term Note Programme.

    As at 31 March 2024, we had 25 Temasek Bonds outstanding totalling some S$20.2 billion with a weighted average maturity of over 18 years.

    All Temasek Bonds issued to date have been rated Aaa by Moody’s and/or AAA by S&P.

  • Icon Temasek Euro-commercial Paper (ECP)

    We borrow short-term money by issuing ECP, with maturities typically below a year.

    As at 31 March 2024, our S$0.5 billion of ECP outstanding had a weighted average maturity of above four months.

  • Icon Bank Borrowings

    We may also borrow from banks from time to time, especially for short-term funding or bridging needs.

  • Icon Investment by Shareholder in Temasek’s Shares

    Our shareholder, the Minister for Finance, may invest in Temasek's shares. These investments are made at the discretion of our shareholder as part of their own decision as to their overall asset allocation, taking into account the Singapore Government’s liquidity needs and the long-term risk-adjusted expected returns of such investments. These investments in Temasek’s shares are reflected in Temasek’s audited accounts, which are public information. The number of shares issued by Temasek to the Singapore Government is based on the audited consolidated Temasek Group Shareholders’ Funds.

Temasek mixing pot

Investments and Associated Costs

We invest in companies with the aim to deliver sustainable returns over the long term.

Payment to Temasek Bondholders and ECP Holders

We pay our investors interest payments and repay the principal amount of our Temasek Bonds and ECP when due.

Taxes to Tax Authorities

Temasek pays local taxes on its earnings in various countries.

Dividends to Shareholder

We pay dividends to our shareholder. Our dividend policy is determined by the Temasek Board.

Community Gifts

Our gifts aim to Connect People, Uplift Communities, Protect our Planet, and Advance Capabilities.

Temasek Trust has been the primary beneficiary of our gifts and disburses grants for programmes to be developed and delivered by our non-profit ecosystem.

To date, Temasek’s gifts to Temasek Trust have enabled programmes which have impacted about 4.4 million lives across Singapore and beyond.

Beyond our non-profit ecosystem, Temasek works with partners where our philanthropic capital, network, and industry insights can make the most impact.

Staff Volunteers

Our staff volunteers come together via their T-Touch initiative to make a difference in the community. They volunteer ideas, time, and money to support their chosen charities within their communities.

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