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Temasek to manage Singapore government Heliconia co-investment program

  • Paul Mackintosh
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Singapore SWF Temasek Holdings is to manage the first phase of the Singapore government-backed co-investment program announced earlier this year, which aims to invest up to S$1.5 billion ($1.15 billion) in co-investments with private equity firms into Singapore-based enterprises, through its wholly owned subsidiary Heliconia Capital Management.

According to its announcement, Temasek will seed up to S$250 million ($191 million) into the first phase of the Heliconia program, to be matched with an equal amount of private capital. Up to 40% of this capital pool will be allocated to growth-focused SMEs with annual revenues below S$100 million ($76.7 million), with the rest allocated to larger businesses. According to the statement, the program, "aims to catalyze the supply of patient growth capital for growth-oriented SMEs based in Singapore, through co-investing with the private sector," with private equity fund managers invited to submit their proposals. The government will also rely on the private-sector managers to assess investment potentials of targets, to preserve investment discipline. 

"We are pleased to participate in this programme and see opportunities for private equity to add value to the growth of Singapore-based SMEs." Jimmy Phoon, Temasek Head of Strategy, publicly said.

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