SINGAPORE: Singapore state investor Temasek Holdings said on Tuesday it has set up a new subsidiary, Pavilion Capital Pte Ltd, that will invest primarily in privately owned firms in North Asia.
The wholly owned subsidiary will be headed by former Chief Investment Officer Tow Heng Tan, a Temasek spokeswoman said in a statement.
"This new platform will focus on funds and direct investments in North Asia, particularly to expand our current reach and coverage of the opportunities with privately-owned enterprises and small and medium enterprises in China," Temasek said.
Temasek hired former Merrill Lynch Southeast Asia investment banking head Tan Chong Lee as its new chief investment officer late last year.
Temasek had a portfolio worth S$193 billion ($148.85 billion) as of March 31, 2011. The state investor invests primarily in emerging markets.
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