Singapore’s Temasek is drastically reducing its investments in early-stage companies, because of interest rate rises and following some embarrassing blow-ups for the state-owned fund.
Temasek, one of the world’s biggest investors, has become more bearish on high-risk unlisted companies, believing it is harder for them to go public, according to people with knowledge of the group’s investment strategy.
The change in approach comes after it wrote down hundreds of millions of dollars on a spate of collapsed start-ups, including the crypto exchange FTX, where it was one of the biggest investors, and eFishery, an Indonesian agritech business that imploded last year under allegations of fraud.
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