Generalist · PE Firm

Temasek

Singapore's S$434B state investor backs quantum hardware at scale: in PsiQuantum since the 2021 Series D and co-lead of its $1B Series E, lead of Pasqal's Series B and re-committed to its 2026 pre-Nasdaq financing.

Active Singapore, SingaporeFounded 1974

Investment thesis

Singapore's state-owned global investment company, with a net portfolio value of S$434 billion (US$324 billion) as at 31 March 2025. Quantum sits inside its Emerging Technologies coverage, led by Russell Tham, targeting disruptive computing alongside the firm's early-stage deep tech platform.

Quantum track record deeper than most sovereign investors: entered PsiQuantum at the $450 million Series D in 2021, led Pasqal's €100 million Series B in January 2023, co-led PsiQuantum's $1 billion Series E in September 2025 alongside BlackRock-managed funds and Baillie Gifford, and re-committed to Pasqal's March 2026 pre-listing financing of at least €340 million ahead of its planned Nasdaq listing.

The only sovereign investor with repeat positions in both of the world's two most heavily funded private quantum hardware platforms, photonic (PsiQuantum) and neutral atom (Pasqal).

Beyond capital: Asia-Pacific market access, sovereign relationships and syndicate orchestration power that few private investors can match, with permanent capital matched to quantum's 10-15 year cycles.

Anti-thesis

The patterns that trigger a fast no with this fund.

  1. Quantum is a sliver of a S$434B generalist portfolio: early-stage exposure across all emerging technologies is held around 5% of NPV, so quantum gets no dedicated fund or public allocation target
  2. Concentrated on two names (PsiQuantum, Pasqal), both QC hardware: no software, sensing or networking positions in the mainline portfolio; adjacent quantum exposure runs through separate entities (Vertex Holdings is an LP in Quantonation Fund II), which Temasek does not manage day to day
  3. Tickets start at growth stage: Temasek entered PsiQuantum at Series D and Pasqal at Series B; seed and Series A founders are structurally out of scope (Xora Innovation, a separate early-stage platform, covers that ground)
  4. Post-FTX and Zilingo write-downs, diligence and governance bars have visibly tightened; expect long processes and heavy ESG scrutiny
  5. The 2025-2026 leadership restructuring (three portfolio segments, new entities, co-CEO structure) may slow new commitments while teams re-form

Notable quantum portfolio

Full portfolio
PsiQuantumPasqal

Frequent co-investors