Temasek doubles AI bet — 6% to 15% by 2031, S$518B fund backs OpenAI and Anthropic
TL;DR
Temasek plans to more than double AI portfolio share from 6% to 15% by 2031, with S$518B fund backing OpenAI, Anthropic and Nvidia.
Singapore sovereign investor Temasek released its 2026 annual review on July 8, announcing a plan to lift AI-related exposure from 6% to as high as 15% of its portfolio by 2031. CEO Dilhan Pillay said AI is "integral to how we sense emerging opportunities, adapt our portfolio, and thrive."
Net portfolio value reached S$518 billion (about $401 billion) as of March 31, up S$49 billion year on year and a second consecutive record. Total shareholder return came in at 10.5%.
The 15% will be all equity, excluding indirect stakes held through Temasek Portfolio Companies. Capital lands in five slices: energy and data centres, semiconductors, cloud services, foundation models, AI applications and software infrastructure. Named holdings include OpenAI, Anthropic and Nvidia. CIO Rohit Sipahimalani added that "well over 60%" of the current AI book is liquid.
The regional map moves with it. US exposure climbed from 11% in 2016 to 26%; China dropped from 24% a decade ago to 17%. Private credit rises from 2% to 5%, core-plus infrastructure from 1% to 5% — both by the same 2031 deadline.
Chia Song Hwee, CEO of Temasek Global Investment, noted the pod was set up in 2019.
Win the bet, and by 2031 Temasek is the first sovereign fund to lock nearly a third of its book into the full AI stack. Lose it, and the S$518 billion net-value curve has to absorb a valuation reset.
via Temasek Review 2026 / DealStreetAsia / Sina Finance
Net portfolio value reached S$518 billion (about $401 billion) as of March 31, up S$49 billion year on year and a second consecutive record. Total shareholder return came in at 10.5%.
The 15% will be all equity, excluding indirect stakes held through Temasek Portfolio Companies. Capital lands in five slices: energy and data centres, semiconductors, cloud services, foundation models, AI applications and software infrastructure. Named holdings include OpenAI, Anthropic and Nvidia. CIO Rohit Sipahimalani added that "well over 60%" of the current AI book is liquid.
The regional map moves with it. US exposure climbed from 11% in 2016 to 26%; China dropped from 24% a decade ago to 17%. Private credit rises from 2% to 5%, core-plus infrastructure from 1% to 5% — both by the same 2031 deadline.
Chia Song Hwee, CEO of Temasek Global Investment, noted the pod was set up in 2019.
Win the bet, and by 2031 Temasek is the first sovereign fund to lock nearly a third of its book into the full AI stack. Lose it, and the S$518 billion net-value curve has to absorb a valuation reset.
via Temasek Review 2026 / DealStreetAsia / Sina Finance
