Singapore’s state-owned investor Temasek Holdings Pte is mulling one of its biggest overhauls in years, potentially reorganizing the firm into three investment vehicles in a bid to boost returns and efficiencies, Bloomberg reported on Wednesday, quoting people familiar with the matter.

According to the report, under the proposal still being discussed at senior levels, Temasek could divide its business into three arms.

One would focus on Temasek’s biggest domestic holdings such as Singapore Airlines Ltd., and another would oversee largely foreign investments. Meanwhile, a third unit would include all of Temasek’s fund investments.

The move, which remains fluid and subject to change, would fundamentally restructure the 51-year-old investment giant amid rising pressure to deliver higher returns and streamline its operations, the report added.

Temasek is a global investment company headquartered in Singapore with a multinational staff of over 960 people. Its portfolio is valued at S$434 billion ($338 billion) , information from its website showed.

While Temasek’s net portfolio value hit a record high of S$434 billion as of March 31, its 10-year total shareholder return of 5 percent — a compounded and annualized measure that includes dividends — just matched that of its larger but more conservative Singaporean peer GIC Pte. It also underperformed the MSCI World Index, which returned an annualized 10 percent in the decade through March 2025.

Temasek is currently run in a conventional manner, with different executives responsible for investing across various assets and geographies, such as real estate or China.

If the reorganization proceeds, it would enable key executives to better focus their attention on improving the firm’s performance and efficiency, the people added.

Temasek didn’t immediately respond to a request for comment, according to Bloomberg’s report.


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