Vertex Holdings Announces Strong Performance and Board Succession; Appoints Dilhan Pillay Sandrasegara as Chairman

Singapore, 10 April 2026 – Vertex Holdings today announced the appointment of Mr Dilhan Pillay Sandrasegara, Executive Director and Chief Executive Officer of Temasek Holdings, as Chairman of the Board with effect from 15 April 2026. This marks the next phase in the company’s transformation as Temasek prepares to derive greater synergy with its other funding platforms.

As part of this transition, outgoing Chairman Mr Teo Ming Kian and Deputy Chairman Mr Lee Kheng Nam will retire from the Board. The Board will continue to review its composition to ensure strong governance and diverse international perspectives.

Positive Performance and Platform Progress

For the financial year ended FY2025, Vertex reported a profit of over USD100 million, reflecting strong portfolio performance, capital discipline and consistent value realisation across market cycles. This performance reflects the strength of a global portfolio built over multiple investment cycles and supported by outcomes achieved across both private and public markets.

For 2024/2025, the Vertex Group has delivered a series of meaningful private market exits, including the acquisition of EyeBio by Merck for up to USD 3 billion, Salesforce’s acquisition of Own Company for USD 2.1 billion, the sale of Adaptive Shield to CrowdStrike for USD 300 million, and a secondary sale in Guesty for USD 800 million.

In public markets, Geek+ was listed in 2025 at a market capitalisation of approximately USD 2.8 billion, subsequently reaching a peak of around USD 5 billion. Horizon Robotics, which listed in 2024 at a market capitalisation of approximately USD 6.7 billion, has since seen its market capitalisation grow to approximately USD 13 billion (as of early April 2026), demonstrating sustained investor confidence in the business. The Group continues to hold shares in both companies.

Entering 2026, the Group has continued to see positive momentum. In January 2026, Edge Medical, a portfolio company of Vertex China Fund IV, was successfully listed on the Hong Kong Stock Exchange at a valuation of approximately USD 2 billion. In addition, Cymbio, a portfolio company of Vertex Israel Fund V, was acquired by PayPal at a valuation of approximately USD 160 million, and XConn, a portfolio company of Vertex China Fund V, was acquired by Marvell Technology at a valuation of approximately USD 540 million, underscoring ongoing strategic demand for high-quality companies within the Vertex portfolio. SpyGlass Pharma, a portfolio company of Vertex Ventures HC focused on innovative sustained-drug delivery solutions for chronic eye conditions, also completed its IPO on the Nasdaq in early February 2026, further reflecting continued momentum across the Group’s healthcare investments.

Subject to market conditions, the Group has at least five portfolio companies at advanced stages of market readiness and expects these companies to pursue public listings over the next 12 months across major global exchanges, including the Hong Kong Stock Exchange, Nasdaq, the New York Stock Exchange, and leading Indian and mainland China stock exchanges. It is therefore expected that distributions from underlying funds will grow in the next two years.

A Global Platform Focused on Long-Term Value Creation

Vertex Holdings operates a global venture capital platform spanning Southeast Asia, India, China, Israel, United States, Korea and Japan. The Group and its network of funds manage close to USD 7 billion in AUM (assets under management), with a significant portion raised from global institutional investors.

The Group provides a unique platform that enables portfolio value-creation, growth and realisation leveraging the domain knowledge and local networks of its global partners.

Leadership Reflections

The Board expressed its appreciation to outgoing Chairman Mr Teo Ming Kian for his leadership and stewardship over the years. Reflecting on his tenure, Mr Teo said, “It is gratifying to see the Group’s growth from nearly USD 200 million AUM in 2012 when I was appointed to almost 7 billion USD now. The Group’s evolution has been driven by a shared commitment to long-term value creation, sound governance, backing bold founders with ambitions to build global champions. Vertex’s progress would not have been possible without the collective effort by our Board, management team, partners and colleagues across our global network. I am confident Vertex’s global platform is well poised for the next stage of development.”

During Mr Teo’s tenure as Chairman, Vertex strategically restructured from a Temasek-anchored fund, with its investment professionals as employees, to a global platform of general partner-owned network funds with third-party investors, with returns recycled after dividend payments to the shareholder. In line with the strategic intent, it introduced a growth fund alongside its primarily early-stage, geographically diverse funds to take advantage of its deep knowledge of portfolio companies and their founders, and broadened its global investor franchise and footprint. Key milestones included the Group’s inaugural bond issuance, raising SGD 450 million to enhance financial flexibility and support long-term investments. Vertex also successfully closed Vertex Master Fund II and Vertex Master Fund III, attracting commitments from leading Japanese institutional investors, broadening the Group’s international investor base. More recently in 2024, Vertex established Vertex Ventures Japan, marking a significant step in building local investment capabilities in Japan, underscoring the Group’s long-term commitment to key innovation markets.

The Board also acknowledged the contributions of Deputy Chairman Mr Lee Kheng Nam, whose experience has guided the Group through challenging junctures in Vertex’s growth journey.

Mr Dilhan Pillay has had a longstanding association with Vertex, including during his tenure as Senior Managing Director of Temasek and Head of the Enterprise Development Group, where Vertex was under his purview. He also served on the Vertex Holdings Board from 2015 to 2018. Working closely with Chairman Mr Teo and Chief Executive Officer Mr Chua Kee Lock, Vertex transformed into its current global network structure, with its funds increasingly supported by a diversified base of global institutional investors. Vertex Holdings served as the anchor LP, with investment professionals committing capital alongside it as part of an alignment-of-interest structure within a standard LP-GP arrangement. Mr Pillay was also instrumental in the establishment of Vertex Growth, which further strengthened the platform’s ability to support promising companies within the Vertex Network. Building on this, Vertex Growth went on to secure significant capital commitments from leading global investors.

Incoming Chairman Mr Dilhan Pillay paid tribute to the outgoing Board, stating, “I am especially grateful to the Board for building a robust foundation for Vertex as it navigates a world of continuous change, increasing complexity and ambiguity, with a mission to deliver outstanding long term returns by investing in some of the world’s most disruptively transformational startups. Temasek is grateful for the stewardship of Vertex by Mr Teo Ming Kian who oversaw the growth in Vertex’s scale and footprint in the past 14 years. We would also wish to record our appreciation to Mr Lee Kheng Nam, who has been associated with Vertex since its inception in 1988 and was its founding CEO, before becoming its Deputy Chairman.

We are on a continuing journey of transformation across the Vertex Group. Our relentless focus on human potential, capacity development and entrepreneurship will continue unabated. We have a strong leadership team, with diverse strengths and experiences. Leveraging our global network partnerships, I am confident that we are in a good position to embrace opportunities that will drive innovation and growth in Singapore, and beyond. I look forward to working with Kee Lock and his team, as well as the leaders of the network funds, in our shared endeavour of continuing success for Vertex and its constituent funds.”

About Vertex Holdings

Vertex Holdings is a Singapore-based venture capital investment holding company with close to USD 7 billion in AUM. It is a wholly-owned subsidiary of Temasek Holdings that provides anchor funding and operational support to a global platform of venture capital funds in key innovation hubs around the world.

Currently, there are 7 network partnerships namely: Vertex Ventures China, Vertex Ventures Israel, Vertex Ventures Japan, Vertex Ventures Southeast Asia & India, Vertex Ventures US, Vertex Ventures HC and Vertex Growth.

The Vertex family of funds invests in early-stage technology opportunities through Vertex Ventures, early stage healthcare opportunities through Vertex Ventures HC, and growth stage opportunities through Vertex Growth. Each Vertex fund operates independently, with separate local teams that raise and manage their respective funds.

The Vertex global network of venture capital funds has over 300 active portfolio companies today, and a track record of growing disruptive, transformational companies into global champions.

For Media Enquiries

David Goh, Vertex Holdings

communications@vertexholdings.com

H/Advisors Klareco on behalf of Vertex Holdings

klareco-vertex@h-advisors.global