Singapore's state investor Temasek Holdings has unveiled a reorganization of its operational structure and leadership team to strengthen its focus across core portfolio segments.

As part of its T2030 strategy, the firm will establish three wholly-owned and distinct entities to manage various components of its portfolio, effective April 1 2026.

Temasek Global Investments ( TGI ) will oversee direct investments in global companies, particularly those aligned with four key structural trends: digitization, sustainable living, future consumption, and longevity.

Temasek Singapore ( TSG ) will manage Temasek Portfolio Companies ( TPCs ) based in Singapore, focusing on enhancing competitiveness and sustaining long-term returns, while Temasek Partnership Solutions ( TPS ) will handle relationships with external funds and asset managers, as well as oversee Seviora Holdings, Temasek’s in-house asset management platform.

As part of the leadership changes, Chia Song Hwee will become co-chief executive officer of Temasek International ( TI ) and CEO of TGI, effective October 1 2025. He will also serve as deputy chairman of TSG and TPS.

Dilhan Pillay, the current CEO of Temasek Holdings and TI, will become chairman of TI, TGI, TSG, and TPS, with Nagi Hamiyeh becoming president of TGI and Png Chin Yee, currently chief financial officer of Temasek, becoming president of TSG. Lee Theng Kiat will step down as chairman of Temasek International.

Operational alignment

The structural overhaul is part of a broader recalibration aimed at ensuring operational alignment with Temasek’s portfolio distribution, which is currently divided approximately into 40% global direct investments, 40% Singapore-based TPCs, and 20% in partnerships and funds.

Each segment requires “differentiated strategies, capabilities, and partnerships” to meet long-term performance targets, Temasek stresses. The establishment of three separate management entities is intended to improve execution and accountability across these areas.

Temasek says the new structure will support the next phase of its T2030 roadmap, a series of rolling 10-year plans the firm has pursued since the early 2000s.

The roadmap is intended to support long-term capital allocation decisions amid ongoing changes in the geopolitical and economic landscape.

“Our portfolio has grown significantly over the past two decades. These changes are intended to ensure we remain operationally effective and ready for future challenges,” says Lim Boon Heng, chairman of Temasek Holdings.

Pillay adds that the firm is “fine-tuning” its structure to improve resilience and focus. “We need to adapt to the emerging global environment and scale our capabilities in each core segment.”

Temasek’s net portfolio value stood at S$434 billion ( US$338 billion ) as of March 31 2025.