Temasek has been one of the most attractive sovereign wealth cars in the world: in terms of asset allocation, mandate and style, it is little like the maximum classic diversified sovereign wealth funds.
But Covid-19 made it even more surprising, highlighting his role as an impassive long-term investor and manager with a duty of service to the nation.
There is no clearer example of this than Temasek’s role in raising SIA (Singapore Airlines), announced in March with a target of S$15 billion ($11 billion) a rights factor and a tranche of compulsory convertible bonds.
Temasek has subsidized both, promising only to take their own considerable right as a 55% shareholder, but also to any deficit.
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