Temasek has always been one of the world’s most interesting sovereign wealth vehicles: in asset allocation, mandate and style it looks quite unlike most of the classic diversified sovereign funds.
But Covid-19 has made it more striking still, bringing into sharp relief its dual role as an unemotional long-term investor and as a steward with a duty of service to the nation.
There have been no clearer examples of this than Temasek’s role in the SIA (Singapore Airlines) capital raising, announced in March with a S$15 billion ($11 billion) target through a rights issue and a tranche of mandatory convertible bonds.
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