Key Takeaways
- • Dilhan Pillay, Executive Director and CEO of Temasek Holdings, appointed as Chairman of Vertex Venture Holdings effective April 15, 2026, succeeding Teo Ming Kian and marking a strategic consolidation of Temasek's venture capital platforms.
- • Vertex reported FY2025 profit exceeding US$100 million, driven by significant portfolio exits including Merck's US$3 billion acquisition of EyeBio, Salesforce's US$2.1 billion acquisition of Own Company, and public market gains in Horizon Robotics (valued at US$13 billion as of April 2026, up from US$6.7 billion IPO in 2024).
- • Vertex's assets under management expanded from approximately US$200 million in 2012 to nearly US$7 billion by 2026 during outgoing Chairman Teo Ming Kian's tenure, reflecting a transformation from a Temasek-anchored fund to a global platform with third-party investors.
- • Pillay brings prior board experience at Vertex (2015–2018) and institutional knowledge from his role as senior managing director of Temasek overseeing enterprise development, positioning him to drive greater synergy across Temasek's funding platforms.
- • Vertex anticipates at least five portfolio companies may pursue public listings within the next 12 months, subject to market conditions, signaling continued momentum in value realization.
Summary
Temasek Holdings has elevated its Chief Executive Officer, Dilhan Pillay Sandrasegara, to serve as Chairman of Vertex Venture Holdings, effective April 15, 2026. Pillay succeeds Teo Ming Kian, who is retiring from the board, while Deputy Chairman Lee Kheng Nam also steps down following an extended tenure with the Singapore-based venture capital firm. The leadership transition represents a strategic pivot for Temasek to derive greater synergy across its venture capital and broader funding platforms.
Pillay's appointment follows a strong financial performance by Vertex in FY2025, with the firm reporting profit exceeding US$100 million. This result was underpinned by multiple high-value portfolio exits and public market gains. Notable exits included Merck's acquisition of biotech startup EyeBio for up to US$3 billion and Salesforce's acquisition of software platform Own Company for US$2.1 billion. Additional exits included Adaptive Shield's sale to CrowdStrike for US$300 million and a secondary sale in Guesty for US$800 million. In public markets, Geek+ listed in 2025 at approximately US$2.8 billion market capitalization, subsequently reaching around US$5 billion. Horizon Robotics, which listed in 2024 at a US$6.7 billion valuation, has grown to approximately US$13 billion in market capitalization as of early April 2026, demonstrating sustained investor confidence.
Pillay brings institutional continuity, having previously served on Vertex's board from 2015 to 2018 and as senior managing director of Temasek overseeing the enterprise development group, where Vertex fell under his purview. Under outgoing Chairman Teo Ming Kian's leadership, Vertex transformed structurally and operationally—assets under management expanded from nearly US$200 million in 2012 to approximately US$7 billion by 2026. The firm evolved from a Temasek-anchored fund with in-house investment professionals to a global platform of general partner-owned network funds with third-party capital participation, enabling dividend recycling to shareholders.
Looking forward, Vertex indicated that at least five portfolio companies could pursue public listings over the next 12 months, contingent on market conditions. The firm manages close to US$7 billion in assets across Asia, Israel, and the United States and remains a wholly owned subsidiary of Temasek Holdings. The board intends to continue reviewing its composition to ensure robust governance and diverse international perspectives.
Pillay's appointment follows a strong financial performance by Vertex in FY2025, with the firm reporting profit exceeding US$100 million. This result was underpinned by multiple high-value portfolio exits and public market gains. Notable exits included Merck's acquisition of biotech startup EyeBio for up to US$3 billion and Salesforce's acquisition of software platform Own Company for US$2.1 billion. Additional exits included Adaptive Shield's sale to CrowdStrike for US$300 million and a secondary sale in Guesty for US$800 million. In public markets, Geek+ listed in 2025 at approximately US$2.8 billion market capitalization, subsequently reaching around US$5 billion. Horizon Robotics, which listed in 2024 at a US$6.7 billion valuation, has grown to approximately US$13 billion in market capitalization as of early April 2026, demonstrating sustained investor confidence.
Pillay brings institutional continuity, having previously served on Vertex's board from 2015 to 2018 and as senior managing director of Temasek overseeing the enterprise development group, where Vertex fell under his purview. Under outgoing Chairman Teo Ming Kian's leadership, Vertex transformed structurally and operationally—assets under management expanded from nearly US$200 million in 2012 to approximately US$7 billion by 2026. The firm evolved from a Temasek-anchored fund with in-house investment professionals to a global platform of general partner-owned network funds with third-party capital participation, enabling dividend recycling to shareholders.
Looking forward, Vertex indicated that at least five portfolio companies could pursue public listings over the next 12 months, contingent on market conditions. The firm manages close to US$7 billion in assets across Asia, Israel, and the United States and remains a wholly owned subsidiary of Temasek Holdings. The board intends to continue reviewing its composition to ensure robust governance and diverse international perspectives.
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