Singapore-based investment group Vertex Venture Holdings will have a new chairman with effect from April 15. Dilhan Pillay Sandrasegara, currently the CEO of Singapore state investor and Vertex parent company Temasek Holdings, takes over from Teo Ming Kian, who will retire from the board along with deputy chairman Lee Kheng Nam.
This appointment comes as “Temasek prepares to derive greater synergy with its other funding platforms,” the firm said in a statement.
Teo is a veteran civil servant, having been in the posts of Permanent Secretary of Finance, Communications, Defence, and National Research and Development in the Prime Minister’s Office. He was also chairman of the Economic and Development Board.
In the statement announcing the appointment, Vertex also reported that it recorded a profit of over $100 million for its financial year 2025, driven in part by a series of portfolio exits.
During the period, it divested its stakes in clinical-stage biotech company EyeBio to Merck, for up to $3 billion; cloud data protection company Own to Salesforce for $2.1 billion; and SaaS security company Adaptive Shield to CrowdStrike for $300 million.
It also completed a secondary sale in property management software company Guesty for $800 million.
Separately, Vertex continues to hold stakes in portfolio companies that were listed on the public markets, and which have since seen their market capitalisation increase.
Warehouse robotics company Geek+ was listed in Hong Kong at a market capitalisation of about $2.8 billion last July, and at its peak boasted a market value of about $5 billion.
Chinese smart driving chip developer Horizon Robotics, which listed in Hong Kong in 2024, has since doubled in market capitalisation.
The exit momentum has continued into this year. So far, it has divested merchant automation platform Cymbio to PayPal at a valuation of about $160 billion; and semiconductor interconnect developer XConn Technologies to Marvell Technology at a valuation of about $540 million.
Meanwhile, surgical robotics company Edge Medical, a portfolio company of Vertex China Fund IV, listed on the Hong Kong Stock Exchange in January at a valuation of about $2 billion, while chronic eye treatment specialist SpyGlass Pharma was listed on Nasdaq in early February.
Vertex has at least five other portfolio companies lined up for initial public offerings across key exchanges in the US, China, and India, the group added.
