Temasek-backed unit True Light Capital Pte. Ltd. (True Light) has on Thursday announced the final closing of its first flagship fund, True Light Fund I.

True Light said in a statement that the fund was closed at $3.3 billion, with capital commitments from global investors, including sovereign wealth funds, foundations, financial institutions, and family offices.

According to the statement, the fund invests alongside Temasek in high-quality investment opportunities which have a nexus to or have a major business relationship with Greater China.

It said True Light Fund I invests directly in private and public equity as well as indirectly through private equity and venture funds.

It is noted that the fund employs a theme-driven, multi-sector approach, with key sectors including life sciences, technology, consumer, industrials and business services.

True Light Fund I also invests for the long term and has the flexibility to invest across the life cycles of our portfolio companies.

“True Light is positive about China’s long term fundamentals and outlook, and we continue to see attractive investment opportunities aligned with the four long-term structural trends of digitization, longer lifespans, sustainable living and future of consumption,” said Yeo Chee Kian, Chief Executive Officer of True Light.

According to him, these trends are driving Chinese innovations in areas that they will focus on, including the digital transformation of industry value-chains, novel therapeutics and integrated biotech companies, decarbonization technologies like new energy and battery solutions, and new consumption products and services.

“Temasek has steadily built its presence in China over the past twenty years, and we are confident of its long-term track record of investing in China,

“We are grateful to our investors for their support of our inaugural flagship fund. Our investors are our valued partners, and we look forward to building deeper relationships with each of them,” he added.

Meanwhile, Temasek Deputy Chief Executive Officer and True Light Chairman Chia Song Hwee said as part of Temasek’s T2030 strategy, the fund has been growing its partnership engine to scale capital in areas where it believes it can generate stable and sustainable returns over the long term.

“We established True Light as one of our assets under management businesses, to broaden our ecosystem and provide partners with the opportunity to invest in structural trends in China,” he said.

Established in 2021, True Light currently manages approximately $3.3 billion out of its offices in Singapore, where it is headquartered, and Shanghai.

Temasek is a global investment company with a net portfolio value of $287 billion as at March 31, 2023.

Headquartered in Singapore, it has 13 offices in nine countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and London, Brussels, Paris, New York, San Francisco, Washington DC, and Mexico City outside Asia. 

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