Temasek’s Seviora Adding Pavilion Capital to Create $72B Asset Managment Platform

Seviora, an asset manager wholly owned by Temasek Holdings, plans to combine with a private equity unit of the Singapore state investment firm to create an expanded platform with $72 billion in assets under management.

Pavilion Capital, which specialises in venture-style investments in growth-stage companies, will be merged into Seviora by the first quarter of 2026, according to an announcement this week. Under the integrated platform, Pavilion will retain its brand and pan-Asia investment focus while enhancing Seviora’s ability to continue to attract third-party capital, the firms said.

The news comes after Temasek in August unveiled a plan aimed at honing the government-controlled giant’s business into three key segments of global direct investments, domestic portfolio companies and asset management firms.

“This integration reinforces our ambition to become Asia’s leading asset management group,” said Seviora executive director and CEO Gabriel Lim. “As Temasek’s primary asset management platform, we will continue to scale our capital base and broaden our investment solutions across private equity, private credit, public markets, and tailored financing options to meet the evolving needs of our partners.”

Founding Boss to Retire

Pavilion CEO Tow Heng Tan will stay on to support the integration before retiring on 31 March of next year, after which the combined platform will report to Lim.

Tow previously served as chief investment officer of Temasek International. He began his career with Coopers & Lybrand (now PwC) and later held positions at Schroders Singapore, Lum Chang Securities and DBS Vickers before setting up Pavilion in 2012.

“It has been a privilege to serve as the founding CEO of Pavilion Capital, and I want to thank the team for their contributions and achievements over the past decade,” Tow said. “I am confident that Pavilion Capital will continue to thrive under Gabriel’s leadership.”

Temasek’s ongoing overhaul will create three wholly owned entities — Temasek Global Investments, Temasek Singapore and Temasek Partnership Solutions — to oversee the respective portfolios, with effect from 1 April next year.

Temasek Partnership Solutions is working with Seviora to invest in funds and deepen relationships with capital partners. Temasek executive director and CEO Dilhan Pillay assumed the chairmanship of a reconstituted Seviora board in September, while Lim is leading a strategic review of Temasek’s asset management companies.

Private Credit Push

Seviora’s platform of investment managers focuses on active and alternative strategies in Asia Pacific and includes Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, Seatown Holdings International and Seviora Capital.

In July of last year, Seviora agreed to take a minority stake in Hong Kong-based private credit fund manager ADM Capital in a bid to offer a broader range of products across the private credit spectrum, with a focus on middle-market opportunities.

Two months later, Seviora’s Seatown arm reached a final closing for its second private credit fund targeting APAC with over $1.3 billion in capital commitments.