Singapore’s state investment firm, Temasek’s unit True Light Capital, has successfully closed its flagship fund, the True Light Fund I, after raising an impressive $3.3 billion.
The fund, focused on investments in Greater China, has garnered substantial support from a diverse array of global investors, including sovereign wealth funds, foundations, financial institutions, and family offices.
The closure of the fund signifies that True Light Capital is now well-positioned to channel its focus and efforts into strategic investment deployment. Despite recent concerns about China’s economic performance and geopolitical tensions, True Light Capital remains optimistic about the long-term prospects and opportunities within the region.
True Light Capital’s CEO, Yeo Chee Kian, emphasized their positive outlook on China’s long-term fundamentals and outlook. The firm sees significant potential investment opportunities aligned with key structural trends, including digitization, longer lifespans, sustainable living, and the future of consumption.
The fund will collaborate with Temasek in investing across opportunities in Greater China, encompassing direct investments in private and public equity, as well as indirect investments through private equity and venture funds.
For Temasek, China accounts for 22 percent of its portfolio. As one of the world’s top 10 investors, Temasek holds a net portfolio value of S$382 billion ($278.61 billion) as of March 2023, according to their official website, Reuters news report said.
Yibing Wu, Head of China at Temasek, reiterated the firm’s enthusiasm for the China market, citing attractive opportunities in sectors such as advanced manufacturing and energy transition, reinforcing their commitment to the region’s growth and potential.