Temasek will open a new branch in Paris in 2023 with the intention of focusing on investments in the Europe, Middle East and Africa (EMEA) region, it said in a statement on Tuesday, Nov. 29.

Together with it's offices in London and Brussels, the Paris office is said to strengthen Temasek's global network, with 13 offices across nine countries.

"The new Paris office will work closely with Temasek’s existing offices in London and Brussels to further expand Temasek’s presence and access to opportunities in EMEA, in addition to tapping on the expertise of sector teams and Temasek’s network of portfolio companies and platforms," Dilhan Pillay, executive director and chief executive officer of Temasek commented in the statement.

The statement also reiterated the increasing need to focus on sustainability in the modern world.

Uwe Krueger, Temasek’s head of EMEA and head of industrials, business services, energy and resources, added in the statement that they believe that the European and EMEA regions hold great potential for new investments.

"Working together, our three offices, in London, Brussels and Paris, will help us harness the many opportunities that we see across the market, strengthen our connections, and grow our presence across the wider region," Krueger said.

Headquartered in Singapore, Temasek has 12 offices in eight countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen and Singapore in Asia; and London, Brussels, New York, San Francisco, Washington DC, and Mexico City outside Asia.

The Sovereign Wealth Fund Institute (SWFI) ranks Temasek as the eighth largest sovereign wealth fund in the world, and the fourth largest in Asia.

Temasek's portfolio value rose to a record S$403 billion (S$293 billion) by March 2022.

GIC private limited, which is also headquartered in Singapore, ranks fifth in the world.

Unfazed by recent setbacks

Temasek has recently come under the spotlight for investing US$275 million (S$377 million) into cryptocurrency firm FTX before it went bankrupt, and wrote off its investment “irrespective of the outcome of FTX’s bankruptcy protection filing”.

"It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced", Temasek said in its statement in the wake of FTX's collapse.

However, despite coming under scrutiny, the meltdown had limited effect on Temasek's overall financial standing, and it said it remains confident in other crypto-related investments.

Top photo via Temasek and Unsplash