Temasek to open San Francisco office

The Singapore-based investor, which saw the value of its portfolio fall in the past year, plans to open the new outpost in late 2016.

Singapore-based investment company Temasek Holdings plans to open an office in San Francisco in late 2016 as it seeks to focus more on technology investment opportunities, the firm said on Thursday.

This will be Temasek’s second US office. The firm, which allocates about 30 percent of its portfolio to alternatives, opened a New York office two years ago. It also has offices in Mexico City, Sao Paulo and London, in addition to several offices in Asia.

“Our new office in San Francisco will give us a good window to tech-related investment opportunities in Silicon Valley,” said Lee Theng Kiat, chief executive at Temasek, in a statement.

“We look forward to more opportunities to deepen our connections with innovators and disruptive businesses in the world’s largest innovation hub.”

In the US, Temasek is already an investor in Airbnb, while the firm has also focused on biotech through recent investments in Alexion and Regeneron, companies that develop transformative treatments for serious diseases.

Temasek also announced financial results on Thursday, posting a 9 percent drop in the value of its portfolio over the past year, citing a global economic slowdown. Temasek had a S$242 billion ($180 billion; €158 billion) portfolio as of 31 March, down from S$266 billion a year ago.