Temasek expands US footprint with a wary eye on trade tensions

(July 17): Temasek Holdings is developing an American accent. The Singaporean state investor, whose $308 billion portfolio includes stakes in companies such as Alibaba Group Holding, is still betting on the US, even as it grows more circumspect in deploying capital amid trade tensions and an increased likelihood of a global economic slowdown.

“We need to be more exposed given the nature of the US market,” said John Vaske, Temasek’s joint head of North America, referring to economic conditions in the past few years. “Of all the fresh capital we freed up in the last two or three years, the US has gotten a disproportionate share of it.”

Temasek has poured US$95 billion ($129.4 billion) globally into everything from startups to asset managers in the past five fiscal years. It made $29 billion in new investments in the 12 months through March, up from $16 billion a year earlier. Divestments totalled $16 billion.

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