Temasek sets up new unit to invest in North Asia

Singapore state investor Temasek Holdings said on Tuesday it has set up a new subsidiary called Pavilion Capital that will invest primarily in privately owned firms in North Asia.

The wholly owned subsidiary will be headed by Temasek's former chief investment officer, Mr Tow Heng Tan, a Temasek spokesman said in a statement. The fund will have at least US$1 billion (S$1.3 billion) to invest and Mr Tow will be based in Singapore, a source familiar with the plans told Reuters.

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