SINGAPORE: Singapore state investment firm Temasek’s wholly owned unit True Light Capital said on Thursday (Sep 28) it raised US$3.3 billion in its flagship fund that invests in Greater China and has now closed it to new capital.
The Singapore-based asset manager said in a statement that the True Light Fund I secured capital from global investors including sovereign wealth funds, foundations, financial institutions and family offices.
The closing of the fund indicates that True Light can now focus on investing the capital.
It comes at a time when China has been losing its shine for global investors, weighed down by the nation’s faltering economic recovery and tensions with the United States over trade, technology and relations with Taiwan.
“True Light is positive about China’s long-term fundamentals and outlook, and we continue to see attractive investment opportunities aligned with the four long-term structural trends of digitisation, longer lifespans, sustainable living and future of consumption,” said the asset manager’s CEO, Yeo Chee Kian.
The fund will invest alongside Temasek in opportunities related to Greater China, True Light said. It invests directly in private and public equity as well as indirectly through private equity and venture funds, it added.
China makes up 22 per cent of the portfolio of Temasek, which is ranked among the top 10 investors in the world with a net portfolio value of S$382 billion (US$278.6 billion) as of March 2023, according to its website.
Temasek was “still excited about the China market” and saw attractive opportunities in the country in areas such as advanced manufacturing and energy transition, its head of China, Yibing Wu, said at the Milken Institute Asia Summit earlier in September.