Temasek eyes rich family biz in $18 billion Europe push
Temasek Holdings Pte plans to ramp up investment in Europe, undeterred by setbacks in a region that its new local chief expects will provide significant opportunities for the Singapore state investor.
The firm seeks to make net investments of as much as S$25 billion ($18 billion) across Europe over the next five years, said Nagi Hamiyeh, head of Europe, the Middle East and Africa. He is looking for partnerships with companies including those tied to some of the world’s wealthiest business families.
“Europe is in a better place than it was a year or two ago,” Hamiyeh said before the opening of Temasek’s Paris office. “I volunteered to come to Europe because I see a lot of potential for us to play.”
The targeted investment increase — which could vary depending on opportunities and external events — would represent a substantial boost in European assets held by Temasek, which had €32 billion ($34 billion) in exposure to the region as of March 2023, he said.
Hamiyeh’s commitments come at a challenging time for Temasek’s European holdings. Its investments in Standard Chartered Plc and Dutch payments platform Adyen NV are down from their peaks, while shares of Bayer AG plunged 51% in the year ended March as the health-care and agriculture firm faces lawsuits over its Monsanto weedkiller brand. Hamiyeh said Temasek won’t be able to single-handedly fix the troubles at some of its European investments. Instead, it has held constructive dialog and provided ideas alongside other investors.
“Are we going to become an activist investor? Absolutely not — it’s not in our DNA,” he said. “Our style, especially outside of Singapore, is to do a lot behind the scenes.”
Temasek managed S$382 billion as of March 2023. The broader EMEA region represented 12% of its total assets.
Having climbed the ranks of the state-owned investor to become one of its most senior executives, Hamiyeh headed the portfolio development group as a troubleshooter who helped promote the consolidation of several of Temasek’s domestic subsidiaries.