Although Temasek (former name of Singapore meaning “sea town”) does not identify itself as an SWF, it is widely regarded as one. It was established by the Ministry of Finance to manage SOEs, but it has grown outside Singapore since 2002. Temasek has played an important role in Singapore’s industrial policy since its establishment. Its portfolio suffered significant setbacks during the Asian Financial Crisis, 9/11 attacks, and the GFC, but it continues to be one of the world’s role models when it comes to institutional investment.