The GDI portfolio was established in 2002 under Temasek’s T2010 strategy, which expanded its investment mandate beyond its TPCs to include direct investments in emerging markets, especially in Asia. In the early years, Temasek invested in proxies to economies such as banks and telecommunications companies across China, India and Southeast Asia.
Temasek’s global direct investments (GDI) continue to play a key role in the firm’s long-term strategy, as it contributed 36% or $156.24 billion to Temasek’s record net portfolio value (NPV) of $434 billion in FY2025. The record high was attributed to the strong performance of Temasek’s listed Temasek portfolio companies (TPCs) and its direct investments in China, the US and India.
While this is the first time Temasek has reported a portfolio breakdown based on its TPCs, GDIs and partnerships, funds and asset management companies (PFAs), these segments have existed since the inaugural Temasek Review in 2004. In that year, GDIs made up 8% or $7.2 billion of its $90 billion NPV. This grew to $71.41 billion or 37% of its $193 billion NPV in FY2011, and to $160.02 billion or 42% of its $381 billion NPV in FY2021.
