Temasek to open third European office in Paris

State investment company Temasek announced on Tuesday (Nov 29) that it will be opening an office in Paris which will start operations in the first half of next year.

The Paris office will be Temasek’s third one in Europe, with previously established ones in London and Brussels. The company will have 13 offices in nine countries across the globe with the addition of the Paris office.

Temasek’s other offices are located in Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, as well as Singapore, in Asia. Outside Asia, it has offices in London, Brussels, New York, San Francisco, Washington DC, and Mexico City.

Together with the other two offices in Europe, the new one is set to “strengthen Temasek’s global network, and help enhance access to deal flow, partnership opportunities and the talent pool across both the European Union (EU) and the broader Europe, Middle East and Africa (EMEA) region,” the company said in its Nov 29 statement.

As of March 31 of this year, the value of its net portfolio was at  S$403 billion (US$297 billion, €268 billion, £227 billion, RMB1.89 trillion).

The Paris office is part of Temasek’s 2030 strategy to broaden its network all over the world, as well as “construct a resilient portfolio and grow” its “organisation, talent and capabilities, with sustainability at the core,” said Mr Dilhan Pillay, Executive Director and Chief Executive Officer of Temasek Holdings, who took over the reins of the state investment company after Madam Ho Ching, the wife of Prime Minister Lee Hsien Loong, stepped down in October of last year.

“In today’s complex world, a global network both in Temasek and across our partner ecosystem is critical to help address the numerous issues that we face – from wide-ranging geopolitical tensions to the challenging macroeconomic environment. Added to that, the existential issue of climate change requires all of us to do our part, innovating across climate change mitigation, adaptation and transition solutions,” Mr Pillay added.

Mr Uwe Krueger, Temasek’s Head of EMEA and Head of Industrials, Business Services, Energy & Resources said that the company sees “great potential for new investments in” Europe the Middle East and Africa, “which we believe will help address the challenges the world faces. These opportunities are aligned to the four structural trends – digitisation, sustainable living, future of consumption and longer lifespans – that guide our investment focus.”

Temasek has recently been in the news due to the fallout from the collapse of cryptocurrency exchange giant FTX.

The company issued a statement on Nov 17 saying it will be writing down its investment in FTX worth US$275 million (S$377 million) regardless of the outcome of the firm’s bankruptcy protection filing.

FTX filed for bankruptcy in the US on Nov 11, leading to the possibility that all of its investors would lose everything they’ve put into the cryptocurrency exchange giant if the company cannot be saved.

Temasek clarified in its statement that it currently has “no direct exposure in cryptocurrencies”. /TISG

Temasek: We have decided to write down our full investment (S$377 million) in FTX