Temasek's True Light Capital raises $3.3b China fund
True Light Capital, a Singapore-based asset manager established by Temasek Holdings, has raised USD 3.3bn for a fund that invests in companies that have a nexus to or a major business relationship with Greater China.
The vehicle – which is designed to invest alongside Temasek – received commitments from global investors, including sovereign wealth funds, foundations, financial institutions, and family offices.
True Light Fund I invests directly in private and public equity as well as indirectly through private equity and venture funds. It is said to have the “flexibility to invest across the life cycles of our portfolio companies.” Key sectors include life sciences, technology, consumer, industrials, and business services.
The fund’s first disclosed investment was in Viva Shanghai, a contract research organisation (CRO) under Hong Kong-listed Viva Biotech Holdings Group. In June, True Light, Temasek, and HighLight Capital paid nearly USD 150m for a 24% stake in the business. The proceeds were split between Viva Biotech and Viva Shanghai, with the latter also announcing plans to list on Shanghai’s A-share market.
One month later, True Light participated in a USD 150m Series D round for Jaka Robotics, a China-based supplier of robotics arms used in the production lines of well-known manufacturers in the automotive, electronics, and semiconductor industries. Prosperity7 Ventures led the round with support from True Light, Temasek, and SoftBank Vision Fund 2.
True Light Capital was established in 2021 and has nearly 20 employees based in Singapore and Shanghai. Chee Kian Yoo, True Light Capital’s CEO, noted that the investment opportunities the firm is seeing in China are aligned with those pursued by Temasek generally: digitisation, longer lifespans, sustainable living, and the future of consumption.
“These trends are driving Chinese innovations in areas that we will focus on, including the digital transformation of industry value-chains, novel therapeutics and integrated biotech companies, decarbonisation technologies like new energy and battery solutions, and new consumption products and services,” he said in a statement.
In recent years, Temasek has stepped up efforts to raise third-party capital through different entities. These include Seviora Holdings – the asset management umbrella organisation for Azalea Investment Management, InnoVen Capital, Fullerton Fund Management, and Seatown Holdings International – as well as Vertex Holdings, 65 Equity Partners, and Decarbonisation Partners.
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