The chief executive's decision to step down after nearly 17 years ends an era of rapid evolution. New CEO Dilhan Pillay will need to accelerate Temasek's move into modern areas.
The Singapore fund's big exposure to China bank stocks hit its returns last year. Meanwhile, it aims to further boost its tech sector exposure, including by opening a San Francisco office.
The issue of a succession plan for Temasek boss Ho Ching has reared its head once more, following a management restructuring at the Singapore state investment firm.