Temasek has joined a consortium supported by Microsoft, BlackRock, and tech investment
firm MGX to invest in and scale up artificial intelligence infrastructure, according to slides from BlackRock’s investor day presentation on Thursday.
The Singaporean state-owned investment firm is now part of the AI Infrastructure Partnership (AIP), which also includes BlackRock’s Global Infrastructure Partners. Formed in September, AIP aims to initially invest over $30 billion in AI-focused projects, making it one of the largest global initiatives targeting data centers and energy facilities essential for running AI applications like ChatGPT.
The partnership plans to raise up to $100 billion, including debt financing, with a focus on projects based in the United States.
Temasek's entry into the group follows the Kuwait Investment Authority, which joined AIP earlier in June. Kuwait’s sovereign wealth fund was the first non-founding financial anchor investor in the consortium, whose other key partners include Nvidia and Elon Musk’s xAI.
"Temasek's investment in the AI Infrastructure Partnership reflects our commitment to major future trends and transformations, AI has the potential to revolutionize every sector and industry" said Ravi Lambah.
Temasek did not reveal the financial terms of its investment. As of March 31, 2024, the company reported a net portfolio value of S$389 billion ($304 billion), according to its website.
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