SINGAPORE: Singapore sovereign wealth fund Temasek has further solidified its presence in Europe with the inauguration of its third office on the continent, situated in Paris. This expansion brings Temasek’s global network to an impressive 13 offices spread across nine countries.
The opening of the Paris office, in addition to existing locations in London and Brussels, is poised to enhance Temasek’s access to investment opportunities and partnerships within both the European Union (EU) and the broader Europe, Middle East, and Africa (EMEA) region.
With a net portfolio value reaching $382 billion as of March 31, 2023, Temasek has demonstrated its commitment to the EMEA region, with its exposure growing nearly fivefold since 2011 to $47 billion, comprising 12% of its total portfolio.
Speaking at a reception held at Le Petit Palais to commemorate the occasion, Temasek Chairman Lim Boon Heng reflected on the economic uncertainties that characterized Europe when Temasek first ventured into the region a decade ago.
Despite the challenges, Mr Lim highlighted Temasek’s vision of serving as a bridge between Europe and Asia, fostering partnerships with European companies both within and outside the continent.
Aligned with four key structural trends—digitization, sustainable living, future of consumption, and longer lifespans—Temasek has strategically invested in French companies such as digital health insurer Alan, e-commerce platform ManoMano, and quantum computing firm Pasqal.
The Singapore Government-owned company is poised to focus on investment opportunities centered on energy transition technologies, leveraging Europe’s leadership in this domain to contribute to global efforts toward achieving net-zero emissions.
Nagi Hamiyeh, the newly appointed Head of EMEA at Temasek, emphasized the excellence of European firms in sectors aligning with Temasek’s investment focus and expressed the company’s intent to deploy substantial capital into leading global enterprises and promising emerging ventures in these sectors.
The inauguration of the Paris office coincides with Temasek’s 50th anniversary in 2024.
Speaking at the event, Deputy Prime Minister and Finance Minister Lawrence Wong emphasized the importance of strengthening global connections amidst increasing competition and geopolitical tensions.
While acknowledging prevailing challenges such as conflicts and protectionism, the PM-designate highlighted the abundant opportunities for collaboration and growth worldwide. He pointed to Europe’s significance as a key player in the global economy, alongside promising developments in the Middle East, Africa, China, India, and the ASEAN region.
Singapore, positioned as a vital hub bridging Asia and the world, is intensifying efforts to deepen cooperation with partners like France, in line with its role as a connector in an increasingly fragmented world, Mr Wong said.
In a statement, Temasek CEO Dilhan Pillay said, “The Paris office opening signifies the importance of the EMEA region to Temasek, as we seek to advance our 2030 strategy to expand our global network and construct a resilient and forward looking portfolio, with sustainability at the core of what we do.
“Together with our London and Brussels offices, the Temasek ecosystem and the partnerships we have built, we stand ready to collectively catalyse solutions for the biggest challenges of our time.”
He added, “Temasek celebrates our 50th anniversary this year. As we do so, our Purpose will continue to guide us to build on our foundations to deliver sustainable returns over the long term, to do things today with tomorrow clearly on our minds, so every generation prospers.”
Foreign Minister Vivian Balakrishnan, French Minister of Economy, Finance, Industrial, and Digital Sovereignty Bruno Le Maire, and French Interior Minister Gerald Darmanin were among the guests at the Temasek event on Wednesday (10 Apr), reflecting the strong bilateral ties between Singapore and France.
Minister Le Maire welcomed Temasek’s presence in France, citing Singapore’s remarkable economic success and its significance on the global stage.