Singapore sovereign wealth fund Temasek plans to significantly increase investments related to artificial intelligence (AI), with a target to raise the proportion of AI-related assets from the current approximately 6% to as high as 15% by 2031.
In the fiscal year ending March 2026, Temasek's net portfolio value grew 14.8% year-on-year in U.S. dollar terms to approximately $400 billion, marking a second consecutive record high. The group currently holds investments in AI companies such as OpenAI and Anthropic.
CEO Dilhan Pillay stated that the rapid development of AI is entering a critical phase, which will bring a large number of new opportunities. The group plans to deploy capital across five areas, including energy and data centers, semiconductors, cloud service providers, foundational models, as well as AI applications and software infrastructure.
Remaining portfolio must also use AI
Pillay said the group will not only invest in AI companies but also hopes that the rest of its portfolio will accelerate the adoption of AI. In other words, up to 15% is directly AI-related investment; the remaining approximately 85%, while not necessarily AI companies, must also leverage AI to enhance competitiveness and operational efficiency.
Temasek stated that its performance last fiscal year benefited from gains on asset sales and the performance of local Singaporean enterprises. During the period, it invested about $39.4 billion and sold about $23.9 billion in assets, resulting in net investment of approximately $15.4 billion. New investments included Anthropic, OpenAI, China's Luckin Coffee, and European luxury group Ermenegildo Zegna.
However, the external environment remains challenging, including uneven economic recovery in China, geopolitical tensions, and market volatility triggered by conflicts in the Middle East, which caused the portfolio value to decline by 2% in the last month of the fiscal year.
Simultaneously increasing private credit and infrastructure investments
To balance the high growth and high volatility characteristics of AI investments, Temasek also plans to increase allocations to more stable assets. The group aims to raise the proportion of private credit from the current 2% to 5% by 2031, focusing on senior secured debt.
Temasek also plans to increase "core value-add infrastructure" from 1% to 5%, covering areas including electrification, data centers, and energy transition. The group's 10-year annualized return is 7.1%, and its 20-year annualized return is 6.8%.
【AI投资】淡马锡持有OpenAI、Anthropic 4000亿美元组合拟加码AI至15%
Singapore sovereign wealth fund Temasek plans to significantly increase investments related to artificial intelligence (AI), with a target to raise the proportion of AI-related assets from the current approximately 6% to as high as 15% by 2031.
In the fiscal year ending March 2026, Temasek's net portfolio value grew 14.8% year-on-year in U.S. dollar terms to approximately $400 billion, marking a second consecutive record high. The group currently holds investments in AI companies such as OpenAI and Anthropic.
CEO Dilhan Pillay stated that the rapid development of AI is entering a critical phase, which will bring a large number of new opportunities. The group plans to deploy capital across five areas, including energy and data centers, semiconductors, cloud service providers, foundational models, as well as AI applications and software infrastructure.
Remaining portfolio must also use AI
Pillay said the group will not only invest in AI companies but also hopes that the rest of its portfolio will accelerate the adoption of AI. In other words, up to 15% is directly AI-related investment; the remaining approximately 85%, while not necessarily AI companies, must also leverage AI to enhance competitiveness and operational efficiency.
Temasek stated that its performance last fiscal year benefited from gains on asset sales and the performance of local Singaporean enterprises. During the period, it invested about $39.4 billion and sold about $23.9 billion in assets, resulting in net investment of approximately $15.4 billion. New investments included Anthropic, OpenAI, China's Luckin Coffee, and European luxury group Ermenegildo Zegna.
However, the external environment remains challenging, including uneven economic recovery in China, geopolitical tensions, and market volatility triggered by conflicts in the Middle East, which caused the portfolio value to decline by 2% in the last month of the fiscal year.
Simultaneously increasing private credit and infrastructure investments
To balance the high growth and high volatility characteristics of AI investments, Temasek also plans to increase allocations to more stable assets. The group aims to raise the proportion of private credit from the current 2% to 5% by 2031, focusing on senior secured debt.
Temasek also plans to increase "core value-add infrastructure" from 1% to 5%, covering areas including electrification, data centers, and energy transition. The group's 10-year annualized return is 7.1%, and its 20-year annualized return is 6.8%.