Temasek's $250 million investment in German's BioNTech pays off handsomely with the discovery and approval of a Covid-19 vaccine developed in conjunction with pharma giant Pfizer.
The report said: "On the one hand, state-owned investors appeared to be reluctant to expose themselves to a high-risk financial services sector at a time of plummeting household spending, while on the other, they were seeking opportunities created by a black swan event that looks set to define future trends in tech."
Singapore's Temasek emerged as the top tech investor, investing around US$2.3 billion in tech-related sectors especially in e-commerce and life sciences, it added.
GIC was the second-biggest direct investor, with US$2.2 billion, and led investment in data centres and cloud technology.
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