Asset manager True Light, an independent, wholly-owned subsidiary of the Singapore sovereign wealth fund Temasek, has closed its first flagship fund, True Light Fund I, at US$3.3 billion, with capital commitments from global investors, including sovereign wealth funds, foundations, financial institutions and family offices.

True Light invests, alongside Temasek, in high-quality investment opportunities that have a connection to or a major business relationship with Greater China, and invests directly in private and public equity as well as indirectly through private equity and venture funds.

The asset manager engages a theme-driven, multi-sector approach, with key sectors being life sciences, technology, consumer, industrials and business services. True Light Fund I invests for the long term and has the flexibility to invest across the life cycles of portfolio companies.

Supported by global institutional investors and accredited investors, True Light’s assets under management (AUM) currently stand at approximately US$3.3billion. The asset manager operates with offices in two locations – Singapore, where it is headquartered, and Shanghai – and has close to 20 employees.

“As part of Temasek’s T2030 strategy, we have been growing our partnership engine to scale capital in areas where we believe we can generate stable and sustainable returns over the long term,” says Chia Song Hwee, Temasek deputy chief executive officer and True Light chairman. “We established True Light as one of our AUM businesses to broaden our ecosystem and provide partners with the opportunity to invest in structural trends in China.”

True Light CEO Yeo Chee Kian adds: “True Light is positive about China’s long-term fundamentals and outlook, and we continue to see attractive investment opportunities aligned with the four long-term structural trends of digitalization, longer lifespans, sustainable living and future 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, decarbonization technologies like new energy and battery solutions, and new consumption products and services.”