Temasek eyes defence investments in Europe

Singaporean state investor Temasek is looking to increase its investments in defence as the war in Ukraine prompts European governments to boost military spending. Defence will form part of Temasek's broader push to invest more across Europe, the Middle East and Africa (EMEA), which today account for just 12% of its S$518 billion portfolio. Nagi Hamiyeh, Temasek's president of global investments and head of EMEA, said the fund has invested about €13 billion in the region over the last two years and aims to invest up to €17 billion by 2029. Temasek will mainly target dual-use technologies serving both civilian and military customers, adhering to ESG guidelines. The fund is also concentrating on larger European deals with a minimum ticket size of €200 million and a preferred range of €500 million to €1 billion. Temasek has stakes in companies including Alphabet, Ping An, Anthropic, OpenAI, Adyen, and Mistral AI.