Temasek Overhauls Group Structure, Promotes Chia Song Hwee to Co-CEO Role

Singapore’s Temasek Holdings on Thursday unveiled a restructuring plan aimed at honing the state-owned giant’s business into three key segments of global direct investments, domestic portfolio companies and asset management firms.

The group will set up three wholly owned entities — Temasek Global Investments, Temasek Singapore and Temasek Partnership Solutions — to oversee the respective portfolios, with effect from 1 April 2026, the company said in a release.

To lead Temasek International, which handles the company’s governance and corporate functions, the group has appointed Chia Song Hwee to serve as co-CEO alongside Dilhan Pillay, who remains executive director and CEO of Temasek Holdings and Temasek International. Currently the deputy CEO of Temasek International, Chia moves up to the new role on 1 October of this year.

Temasek, whose net portfolio value stood at S$434 billion ($324 billion) at the end of March, touted the overhaul as a vehicle to execute T2030, the company’s decade-long roadmap for tapping opportunities and expanding investment across focus sectors and geographies.

“This next step in our T2030 strategy will position us strongly for growth, by enabling us to stay laser-focused on scaling our three segments and building a resilient and forward-looking portfolio,” Pillay said.

Property Players

Temasek wholly owns real estate investors CapitaLand Group and Mapletree and holds a 20 percent interest in a third key property player, Keppel Ltd.

Temasek Singapore will manage CapitaLand and Mapletree, along with other domestic portfolio companies like Singapore Airlines and Singtel, according to Thursday’s announcement. With aggregate revenue around S$200 billion, the portfolio companies are long-term investments targeting stable and sustainable returns.

Temasek Global Investments will oversee the company’s stakes in foreign-based corporations like BlackRock, Tencent and VFS, with the value of such multinationals in the portfolio having grown from 8 percent in 2004 to 36 percent in 2025.

Temasek Partnership Solutions will work with Seviora Holdings, the company’s main asset management platform, to invest in funds and deepen relationships with capital partners. Pillay will assume the chairmanship of a reconstituted Seviora board on 1 September, while Seviora CEO Gabriel Lim will lead a strategic review of Temasek’s asset management companies, which look after more than S$90 billion in assets.

The asset management business “will enable Temasek to scale its capital and tap on a broad range of opportunities that include offering capital solutions such as private equity, private credit, public market investments and tailored financing options,” the company said.

Winds of Change

In other leadership changes taking effect on 1 April, Pillay will chair each of the wholly owned entities and Chia will serve as CEO of Temasek Global Investments.

In addition, Lee Theng Kiat will step down as chairman of Temasek International. Chief financial officer Png Chin Yee will concurrently serve as president of Temasek Singapore while EMEA head Nagi Hamiyeh will concurrently sit as president of Temasek Global Investments.

Temasek’s revamp, which was first reported by Bloomberg last week, comes in response to a rapidly changing world with rising geopolitical tensions and shifts in the rules-based order, according to the state-owned giant.

“Our portfolio has evolved and grown significantly over the last two decades,” said Temasek Holdings chairman Lim Boon Heng. “As we continue our journey, these changes will enable Temasek to navigate and operate effectively, positioning it to be future-ready.”