| NEWS ARCHIVES |
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| Temasek, Li Ka-Shing linked charitable foundation join forces to invest US$15mil in US-based marketplace SecondMarket |
| 23 Feb 2010 |
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Singapore investment firm Temasek Holdings and a charitable foundation linked to Hong Kong tycoon Li Ka-Shing are working together on a new venture.
Both sides have invested 15 million US dollars in SecondMarket Inc, a marketplace specializing in illiquid assets.
The money will be used to fund SecondMarket's Asian expansion plans.
Temasek and the Li Ka Shing Foundation have each agreed to invest 7.5 million US dollars in the New York-based company.
SecondMarket provides a venue for buying and selling of assets that are normally difficult to trade.
Such assets include private-equity limited partnership stakes, hedge-fund stakes, private-company stock, bankruptcy claims and auction-rate securities.
Started in 2004, SecondMarket says it conducted approximately 2 billion US dollars in transactions last year.
Temasek’s Managing director of investment, Ang Peng Huat, says SecondMarket’s innovative business "fits with Temasek's investment theme of supporting emerging champions."
SecondMarket plans to open an office in Hong Kong in the next few months, and will set up a regional headquarters either in Singapore or Hong Kong. |