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INVESTMENT BANKING | Tony Chua, Singapore

Temasek Holdings kicks off North Asia fund

Singapore’s investment company has been increasing its investments in China over the years.

Temasek Holdings Pte. Ltd. has set up an investment vehicle to expand its coverage in North Asia, especially China, as part of the Singapore state investment company's efforts to shore up its presence in one of the world's fastest growing economies.

The new investment company—Pavilion Capital Pte.—will focus on investment opportunities at small and medium-sized privately owned enterprises in China, a Temasek spokeswoman said Tuesday.

Temasek's portfolio was valued around US$150 billion as of March 31, and its investments in China are second only to its Singapore holdings, which account for 32% of its portfolio. The company invests 77% of its assets in Asia.

Temasek has been steadily increasing its investments in China. Last year, the state-investment company raised its stake in China Construction Bank Corp. to slightly less than 10% by purchasing part of the CCB stake that Bank of America Corp. sold in August and November.

In February, Temasek appointed Ding Wei, China International Capital Corp.'s investment banking chief, to lead the Singapore-based company's operations in China.

Pavilion Capital, which is being led by Tow Heng Tan, former chief investment officer at Temasek, will complement and expand Temasek's reach in China, the spokeswoman said.

View the full story in The Wall Street Journal.

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