Temasek Holdings Private Limited (abbreviated as Temasek) is a state-owned holding company that can be characterized as a national wealth fund owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of $275 billion[3] (as of 31 March 2017), with S$18 billion divested and S$16 billion invested during the year,[4] and 68% exposure to Asia – 29% Singapore and 39% Asia ex-Singapore.[3] It is an active shareholder and investor, and its investments are guided by four key themes – transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. Its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrials, life sciences and agribusiness, consumer and real estate, energy and resources, as well as multi-sector funds. Temasek has a multinational team of 630 people, in 10 global offices[5] including in Singapore, New York, and most recently, San Francisco.