" It must sometimes seem to Singaporeans that the management of Temasek and GIC have an unerring ability to find every banana skin in the room and promptly slip up on it." ... Kenneth Jeyeratnam blog (2012)Jeyeratnam made reference to failed investments by Temasek and GIC. To do justice to the sovereign wealth funds, this blog attempts to list Temasek's portfolio and identify troubled assets. Do note the following:-
1. This is an ongoing effort. It is a work-in-progress.
2. It is not a comprehensive list.
3. The investments may be booked in Temasek, or any of its subsidiary investment vehicles, or in its operating subsidiaries.
4. Past investments since divested are included.
5. Troubled assets are highlighted in red. Click for microblog on the relevant investment.
The asset review avoids criticism of the investment decision since the circumstances of the time is unknown and every acquisition is subject to risks as yet unknown. It merely lays out the reason for marking the asset as a troubled item. However, where there are very obvious clearcut lapses of focus in the decision making, it will be highlighted. This seems a fair approach to take in a post-fact review.
Note:
(a). Want to be informed when a new microblog of troubled asset is published? Simply submit your email in the box on the top, right. Your privacy will be respected. The author has no other use for your email.
(b). If you like to see updates in this portfolio list, bookmark this page and check back.
Updated as at : 24 Nov 2020
Date started : 24 Jul 2020
Country : CHINA
(Status: Series denotes the last round of funding)
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
17Zuoye
|
Edu: Online platform for K-12
|
2005
|
?
|
>
|
Series E
| |
iTutor
|
Edu : Online on-demand tutoring
|
1998
|
?
|
Huge
|
late vc
| |
Columbia-China
|
Life Sciences: Healthcare Fund
|
2013
|
2016
|
US$ 250M
| ||
Accuragen
|
Life Sciences: Cancer Diagnostics
|
2013
|
?
|
?
|
Series B
| |
Aier Eye Hospital Group
|
Life Sciences: Eye hospital
|
2001
|
2019
|
US$ 2.0B
|
Public
| |
China Biological Products
|
Life Sciences: Biopharmaceitical company
|
1989
|
Public
| |||
Life Sciences:
| ||||||
Meiluan Dianping
|
Lifestyles: On-demand food delivery
|
2010
|
2016
|
Huge
|
Public
| |
Mafengco
|
Lifestyles: Online travel guide
|
2006
|
2017
|
?
|
Series D
| |
Lifestyles: Online leisure travel
|
2006
|
2013
| US$129m
|
Public
| 2018-20 | |
Lifestyles: O2O property rental
|
2014
|
?
|
?
|
Bombed
| ||
Tudou Holdings
|
Lifestyles: Online video sharing
|
2004
|
2010
|
US$35M
|
M&A
|
2016
|
Kuaishou
|
Lifestyles: Online video sharing
|
2911
|
Series E
| |||
Didi Chuxing
|
Lifestyles: Taxi-hailing
|
2012
|
?
|
Huge
|
late vc
| |
Lifestyles: E-commerce
|
2007
|
2011
|
?
|
Series G
| ||
Cloudary
|
Lifestyles: E-book platform
|
2004
|
?
|
M&A
| ||
G7 Networks
|
Logistics: Iot fleet mgmt
|
2008
|
2016
|
?
|
late vc
| |
Shanghai Yupei Group
|
Logistics: Owns several warehouses
|
2000
|
?
|
LBO
| ||
Logistics: (Alibaba-owned)
|
2013
|
?
|
huge
|
?
| ||
MiningLamp
|
AI: Big data mining analytics
|
2014
| Series E | |||
Rokid
|
AI: manufactures family robots
|
2013
| ||||
Sensetime
|
AI: visual & facial recognitionl technlogy
|
2014
| Series D | |||
Fintech: Big data analytics
|
2012
|
2013
|
US$ 200M
|
Police inv
| ||
Rong 370
|
Fintech: online platform loan search
|
2011
|
2014
|
?
|
Public
| |
21Vianet
|
Tech: Internet data center services provider
|
1996
|
?
|
Public
| ||
Cheetah Mobile
|
Tech: Software app developer
|
2009
|
?
|
Public
| ||
Energy: Integrated oil & gas services
|
1994
|
2012
| HK$4.2T
|
Public
| ||
AS Watson
|
Others: Convenience store chain
|
1841
|
2014
|
US$5.7B
|
Pte
| |
Others: Electric autonous vehicles
|
2014
|
2018
|
US$258M
|
Public
| Partly | |
Xiaom
|
Others: Smart phones & IoT products
| |||||
Others: Co-sharing workspace
| 2017
| 2018 | ? | Series B
| ||
Country : INDIA
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
Cartrade
|
Lifestyles: Used car auction platform
|
2006
|
2007
|
US$140m
|
Series H
| |
Curefit
|
Lifestyles: Health & fitness
|
2016
|
2020
|
US$100M
|
Series D2
| |
PolicyBazaar
|
Lifestyles: Digital insurance
|
2008
|
2018
|
US$13.85M
|
late vc
| |
Lifestyles: Online marketplace
|
2010
|
2014
| US$53m
|
late vc
| ||
Lifestyles: Ride-hailing
|
2010
|
2018
|
US$225M
|
Series J
| ||
Zomato
|
Lifestyles: On demand food delivery
|
2009
| ||||
Manthan Software
|
AI: Data analytics
|
2004
|
2018
|
?
|
Series D
| |
Billdesk
|
Fintech: Payments platform
|
2000
|
2005
|
?
|
M&A
| |
Pine Labs
|
Fintech: Payments processor
|
1998
|
2018
|
?
|
Pte
| |
Dr Argawal's Healthcare
|
Life Sc: Hospital chain
|
1957
|
2019
|
US$38M
|
Pte
| |
Healthcare Global
|
Life Sc: Multi-specialty hospitals
|
1989
|
2013
|
US$25.7M
|
Public
| |
Asia Healthcare Hldg
|
Life Sc: Invest healthcare biz
|
2016
|
2018
|
US$50M
|
Pte
| |
Medreich
| Life Sc: Pharmaceutical co | 1994 | M&A | |||
Star Agriwarehousing Mgmt
|
Agri: Integrated post-harvest mgmt svc
|
2006
|
2014
|
US$120M
|
Pte
| |
Godrej Agrovet
|
Agri: Agribusiness and animal feed
|
1991
|
2012
|
US$140M
|
Public
|
Part
|
ICICI Prudential
|
Others: General insurance
|
2000
|
2020
|
US$111.5M
|
Public
| |
Others: Indian infra project fund
| 2015 | 2018 |
US$400M
| Pte | ||
FirstFlight Courier
|
Others: Courier services
|
1986
|
2007
|
?
|
Pte
|
to exit
|
Godfrej Consumer
|
Others: H/hold, personal care prod
|
1897
|
2012
|
?
|
Public
|
Part
|
| Others: Others | 1992 | 2010 | US$150 | Pte | ||
| Others: Telecommunications | 1995 | - | - | Public | NA | |
AU Small FinanceBank
|
Others: Banking
| 1998
|
2018
| US$147m
|
Public
|
Country : US
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
AirBnB
|
Lifestyles: Online vacation rental
|
2008
| ||||
Harry's
|
Lifestyles: E-commerce men personal grooming
|
2012
|
M&A
| |||
DoorDash
|
Lifestyles: Food delivery platform
|
2013
|
Series H
| |||
Rent The Runway
|
Lifestyles: Fashion rentall
|
2009
|
2018
|
US$200M
|
Loan
| |
Wish
|
Lifestyles: Mobile E-commerce app
|
2011
|
2017
|
?
|
Series H
| |
Lifestyles: Sleep tracking device
|
2012
|
2015
|
?
|
Closed
| ||
ClassPass
|
Lifestyles: Fitness & Health
|
2012
|
2018
|
?
|
Series E
| |
Roblox
|
Lifestyles: Online games created by users
|
2004
|
?
|
Series F
| ||
Life Sc: Pharmaceutical
|
1992
|
2015
|
US$196M
|
Public
|
2018 | |
Amyris
|
Life Sc: Synthetic biology prod
|
2003
|
US$47.8M
|
Public
| ||
Biomarin
|
Life Sc: Pharmaceutical
|
1997
|
Public
| |||
Homology Medicines
|
Life Sc: Gene therapy
|
2015
|
2018
|
?
|
Public
| |
Biovex
|
Life Sc: Biopharmaceutical
|
1999
|
?
|
M&A
| ||
Iora Health
|
Life Sc: Primary healthcare svc
|
2011
|
2016
|
?
|
Series F
| |
Coherus Biosciences
|
Life Sc: Biotheraupetics cmpany
|
2010
|
?
|
Public
| ||
Life Sc: Gnenomic diagnistics
|
2004
|
2012
|
Closed
| |||
Portula Pharmaceuticals
|
Life Sc: Clinical biotechnology co
|
2003
|
2011
|
?
|
M&A
|
2020 |
Visterra
|
Life Sc - Biopharmaceutical co
|
2007
|
2014
|
?
|
M&A
|
2018 |
Impossible Food
|
Life Sc: Plant-based meat substitute
|
2011
|
2017
|
?
|
late vc
| |
Califia Farms
|
Life Sc: Plant-base bevearages
|
2010
|
?
|
late vc
| ||
Zipline
|
Life Sc: Drone delivery for medicines
|
2011
|
Series D
| |||
Guardant Health
|
Life Sc: Precision oncology
|
2012
|
Public
| |||
Vir Biotechnology
|
Life Sc: clinical stage immunology co
|
2016
|
2020
|
Public
| ||
Vielo Bio
|
Life Sc: clinical stage biotechnology co
|
2017
|
2020
|
Public
| ||
IQVIA Company
|
Life Sc: aggregated health dada provider
|
1982
|
Public
| |||
Clean Energy Fuels Corp
|
Energy: NG marketer and retailer
|
1997
|
Public
| |||
Energy: Fracking services company
|
2002
|
2011
|
US$1.33B
|
Public
| ||
Energy: Oil exploration & production
|
2011
|
2012
|
Huge
| Closed
| 2019 | |
Energy: LNG terminal and marketing
|
1983
| 2012 | US$218m |
Public
| 2013 | |
..
| Energy:
| |||||
Mosaic Co
|
Agri: Fertiliser mgf
|
2004
|
Public
| |||
AI: Augment reality technology
|
2011
|
2018
|
Huge
|
Bad
| ||
Flux Factory Inc
|
Tech: Data exc for bldg designs
|
2012
|
2015
|
?
|
Series B
| |
Global Healthcare Exchange
|
Tech: Supply chain mgmt - health sector
|
2000
|
?
|
Pte
| ||
Farmers Business Network
|
Tech: Argronomic info network
|
2014
|
?
|
Series E
| ||
Tech: Video games developer
| >
2004
|
2010
|
?
|
Closed
| >
| |
Pluribus Networks
|
Tech: Network automation provider
|
2010
|
2015
|
?
|
Series E
| |
AvidXchange
|
Tech: Accounts payable processing
|
2009
|
2017
|
?
|
Series F
| |
Dell Inc
|
Tech: Computer hardware and software
|
1984
|
?
|
Public
| ||
Tech: Multinational telecommunication co
|
1930
|
2016
|
US$2.137B
|
Public
| ||
Bill.com
|
Tech: Accounts back-office system
|
2006
|
2020
|
?
|
Public
| |
Sprinklr
|
Tech: Social media mgmt for companies
|
2009
|
2016
| >
?
|
late vc
| |
Marin Software
|
Tech: Cloud based advertising mgmt
|
2006
|
2012
|
?
|
Public
| |
Carbon
|
Tech: 3D technologies
|
2013
|
2019
|
?
|
Series E
| |
UST Global
|
Tech: Digital transformation enabler
| 1998
|
2018
|
US$250M
|
Pte
| |
C2FO
|
Fintech: Supply chain financing
|
2008
|
2015
|
US$40M
|
Series G
| |
Flywire
|
Fintech: Payments processor
|
2018
|
?
|
Series E
| ||
Virtu Financial
|
Fintech - automated trading platform
|
2008
|
2014
|
?
|
Public
| |
Visa
|
Fintech - Payments processor
|
1958
|
?
|
Public
| ||
Secondmarket
|
Fintech: Auction platform for illiquid assets
|
2004
|
2010
|
US$7.5M
|
M&A
|
2015 |
Paypal
|
Fintech: Electronic payment system
|
1998
|
Public
| |||
Markit Group
|
Finance: Credit data provider
|
2003
|
2013
|
US$500M
|
LBO
| |
Finanxe:
| ||||||
Modern Meadow
|
Others: Biofabricated leather
|
2011
|
2018
|
?
|
late vc
| |
Unvar Solutions Inc
|
Others: Chemical & ingredients distributor
|
1924
|
2015
|
US$350M
|
Public
| |
Evoqua Water Technology
|
Others: Water treatment solutions
|
1978
|
Public
| |||
| Others: |
|
|
Country : SINGAPORE
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
Advance.ai
|
AI: Fraud detection, credit scoring platform
|
2015
|
?
|
?
|
Series C
| |
Others: Re-insurance
|
2006
|
?
|
US$200M
|
Sold
|
2020
| |
Health Management Intl
|
Life Sc: Hospitals in SEA
|
1998
|
2017
|
S$11M
|
Pte
| |
ASLAN Pharmaceuticals
|
Life Sc: Biopharmaceutical in cancer drugs
|
2010
|
2020
|
Public
| ||
Lazada
|
Lifestyles: E-commerce
|
2012
|
2014
|
?
|
Pte
| |
Spacemob
|
Lifestyles: Co-working space provider
|
2016
|
2017
|
US$5.5M
|
M&A
|
2018
|
Zilingo
|
Lifestyles: B2B platform for fashion producers
|
2015
|
2019
| Series D | ||
Lazada
| Lifestyles: E-commerce | 2012 | M&A | |||
| Energy: Oil Exploration & production | 2008 | 2009 | S$13m | Pte | 2009 | |
Country : ASIA - OTHERS
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
VN - VNG Corm
|
Tech: Internet & tech co games devt
|
2004
| 2009 | US$29M | late vc | |
VN - Vinhomrs
|
Property: Real est developer
|
2008
| 2019 | ? | Public | |
VN -
| ||||||
ID - HappyFresh
|
Lifestyles: Online grocery delivery
|
2014
| 2015 | ? | Series C | |
ID - Gojek
|
Lifestyles: Ride-hailing
|
2010
| 2018 | Huge | Series F | |
ID - Tokopedia
|
Lifestyles: E-commerce
|
2009
| 2020 | USD500m | late VC | |
TW - Gogoro
| Others: Electric bike mfg | 2011 | 2017 | ? | Series C | |
TW:
| ||||||
Others: Telecommunication, airlines
| 1983 | 2006 | Thb151B | Public | 2011-19 |
Country : EUROPE
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
UK - Funding Circle
|
Fintech: Online peer-to-peer lending
|
2010
|
2015
|
£30M
|
Public
| |
UK - FNZ (Finextra)
|
Fintech: IT service provider
|
2004
|
2020
|
?
|
Pte
| |
UK -
| ||||||
UK - BenevolentAI
|
AI: Computational medicine technology
|
2013
|
2017
|
?
|
Pte
| |
UK - IHS Markit
|
Finance: Financial information svc provider
| 1959 | M&A | |||
UK - Improbable Worlds
|
Tech: OS platform for simulation
|
2012
|
2017
|
?
|
Series B
| |
UK - Farfetch
|
Lifestyles: platform luxury goods buy/sell
|
2007
|
?
|
Public
| ||
UK - Eros International
|
Lifestyles: Indian film production / distribution
|
1988
|
?
|
Public
| ||
UK - Orchard Theurapeutics
|
Life Sc: Biopharmaceutical company
|
2015
|
?
|
Public
| ||
FR - Gaztransport & Technigas
|
Energy: Services to LNG storage/transport
|
1994
|
2014
|
10.4%
|
Public
| |
FR - Alan
|
Lifestyles: Digital Insurance
|
2016
|
2020
|
?
|
Series C
| |
DE - Omio
|
Lifestyles: Travel aggregator
|
2012
|
2018
| ? |
Series D
| |
DE - GetYourGuide
|
Lifestyles: Online tour-search platform
|
2009
| ? |
Series E
| ||
NO - Origo Exploration
|
Energy: Oil exploration in Norwegian sea
|
2014
|
2014
|
€95M
|
M&A
|
2017
|
IT - Moncler SpA
| Lifestyles: branded luxury outerwear | 1952 | Public | |||
NL - Adyen
| Fintech: Payment processor | 2006 | Public | |||
NL - NN Group
| Finance: Insurance company | 2013 | 2014 | €525M | Public | |
CH - Gategroup Holdings
| Others: Airline catering | 1992 | 2019 | ??? | Pte |
Country : LATIN AMERICA
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
AR - IguanaFix
|
Lifestyles: E-commerce home improvement
|
2013
|
2016
|
Low
|
late vc
| |
Lifestyles: E-commerce sports goods
|
2000
|
2012
|
R$113M
|
M&A
|
2019
| |
BR - Virgi Mobile Latin Am
|
Telcom: Mobile services provider
|
2010
|
2014
| ? |
early vc
| |
Country : AFRICA
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
Energy: Oil & gas exploration services
|
2004
|
2014
| US$120m | Pte
|
2019
| |
ZA - Airtel Africa
| Telcom: Mobile service provider | 1998 | > | Public | ||
| Others : Mining | 2004 | 2010 | US$135m | Pte | ||
Country : OTHER COUNTRIES
Asset
|
Business
|
Found
|
Invest
|
Amount
|
Status
|
Divest
|
Others: Global mining company
|
1993
|
2012
| US$1.3b | Public
|
2019
| |
| Others - Restaurants | 1990 | 2018 | ??? | Pte | ||
| Others - Restaurants | 2010 | 2014 | US$100m | Public | 2017 | |
| Energy: Oil & gas exploration services | 2006 | 2010 | US$400m | Pte |
Read the cover blog TEMASEK TRACKING - MAKING SENSE OF RISKS