It’s no secret that Singapore’s equity market is on the rise. But while initial public offerings (IPOs) climbed in 2025, there’s still a lot more that policymakers could do to help build an ecosystem that supports more public listings on the local Singapore Exchange (SGX).
If you speak to the founders of Singapore-based companies large enough to list, the conversation usually sounds the same. Many of the issues are commonplace, such as considering an IPO and hiring bankers to explore it. Typically, though, there will be concerns about whether there is enough demand for shares and whether the valuation is attractive enough to list. Or more pressing concerns, such as how shares will perform after listing, and whether there will be enough liquidity in the market to sustain an upward trajectory over the long term. Questions like these are what drove the recent introduction of Anchor Fund @ 65, a partnership initiative.
This isn’t about forcing IPOs, but about making it easier for companies that are already IPO-ready to choose SGX for listing rather than heading overseas to rival exchanges in Hong Kong or New York. In other words, it’s about nurturing conviction within the ecosystem so that Singapore is the default listing option for companies from the Lion City.
What Is The Anchor Fund @ 65?
First, we should clarify exactly what this moniker means. Anchor Fund @ 65 was set up in 2022 to support and attract high-quality and leading companies to list in Singapore. The fund also provides pre-IPO financing to target companies and supports them in the lead-up to their eventual listing.
The fund is managed by 65 Equity Partners, a wholly owned subsidiary of Temasek, hence the name. It started with $1.5 billion in 2022, and just this month in Budget 2026, Prime Minister Lawrence Wong announced a second tranche of another $1.5 billion, bringing the total to $3 billion.
Here’s the pitch from the fund: if you’re a promising high-growth company thinking about going public, the Anchor Fund can invest in you before your IPO, help you prepare for listing, and then anchor your public fundraising when you finally debut on the SGX. We can think of it as a government-backed venture partner with deep pockets and a vested interest in your success in Singapore. That “security” can help companies feel more confident in their listing journey.
Read Also: What’s The Difference Between Singapore’s Investment Funds Temasek And GIC?
How Does Anchor Fund @ 65 Work?
Unlike typical venture capital or private equity funds, the Anchor Fund has a very specific mandate. According to EDBI’s factsheet, the fund will support promising high-growth enterprises and market leaders in their public fundraising in Singapore’s public equity market. This can be achieved through primary, secondary, or dual listings, as well as by providing pre-IPO financing to catalyse the growth of target enterprises and support them on their journey towards an eventual public listing.
Here’s what that looks like in practice:
- Pre-IPO Investment: The fund invests in companies that are seriously considering a listing, typically at the later stages of a company’s growth. This is not early-stage VC/seed funding, but it is for companies that are already established and profitable or close to being so.
- Preparation Support: The fund managers advise these companies on the listing requirements of the SGX, facilitate engagements with investment banks and advisers, and plan a viable timeline for listing based on the company’s growth strategy and prevailing market conditions, according to a written reply from Deputy Prime Minister Gan Kim Yong in August 2024 in response to a Parliamentary Question about the Anchor Fund.
- Anchoring The IPO: When the company finally goes public, the Anchor Fund acts as an anchor investor. This means committing to buying a significant chunk of shares at the IPO price. This gives other investors the confidence to back it and helps ensure the offering is successful.
- Commercial Decisions: Importantly, the call on when and where to list remains a commercial decision for each company to make. The government isn’t forcing anyone to list in Singapore, but it is making it a more attractive proposition.
Has It Actually Worked? Anchor Fund @ 65’s Track Record
Anchor Fund @ 65 has arguably been a success, and the numbers don’t lie. Since their establishment in 2022, the Anchor Fund @ 65 and Growth IPO Fund have invested in a total of nine companies, according to the Ministry of Trade and Industry (MTI).
AvePoint (SGX: AVP) is the poster child for the Anchor Fund’s success. 65 Equity Partners-backed AvePoint raised about $260 million in its secondary listing on SGX in September 2025 (it was listed on Nasdaq in 2021), marking the first IPO by a portfolio firm of the Temasek subsidiary, nearly four years after its establishment. AvePoint is a data management company that decided to dual-list in Singapore after receiving investment from the Anchor Fund in September 2023.
Then there is UltraGreen.ai (SGX: ULG), which is arguably an even bigger win. UltraGreen.ai, which was backed by 65 Equity Partners along with August Global Partners, listed late last year in a $400-million IPO. The company provides fluorescence technology used in surgical imaging, and the share sale was 13.6 times oversubscribed. In a market where Singapore has struggled to attract sizeable IPOs, landing a $400 million listing is nothing to sniff at.
Read Also: Here’s How Much You Would Have Earned (Or Lost) If You Invested $1,000 In Every IPO On SGX In 2025
A Broader Strategy Beyond Anchor Fund @ 65
The Anchor Fund doesn’t operate in a vacuum. It’s part of a comprehensive package of initiatives to revive Singapore’s capital markets. That’s been most evident by the Equity Market Development Programme (EQDP), which funnels capital to asset managers who actively invest in Singapore-listed stocks, helping to boost liquidity and valuations. The original $5 billion programme recently received a $1.5 billion top-up following an announcement by PM Wong in Budget 2026, bringing the total to $6.5 billion.
Meanwhile, there have also been streamlined listing rules, with the government working to make it easier for high-growth companies to go public. This includes proposals for a dual-listing bridge between SGX and Nasdaq. That would be a big win for the local exchange given the size and appeal of the growth-oriented Nasdaq. Added to that has been the Growth IPO Fund, managed by EDBI – the strategic investment arm of Singapore’s Economic Development Board (EDB). This is a separate fund focusing on late-stage private companies that are two or more funding rounds away from listing.
It’s a multi-pronged approach, and the Anchor Fund is just one piece of the puzzle. The EQDP has played a significant role in fostering positive sentiment toward the local exchange among investors and could arguably be credited with helping drive the Straits Times Index (STI) to recent all-time highs.
Green Shoots But Challenges Ahead
Let’s be real, though; the Anchor Fund isn’t a silver bullet that will suddenly see a burst of IPO activity on SGX. The two funds may encourage more promising companies to list on SGX, but, as DPM Gan has noted, they are not a silver bullet.
The broader issues remain the same: Singapore’s equity market is small compared to the US or Hong Kong, liquidity can be thin for small- and mid-cap stocks, and many high-growth tech companies still see more upside (as well as higher liquidity) by listing on Nasdaq or the NYSE, where the valuations they can fetch are richer.
Even with government backing, companies will ultimately make commercial decisions based on where they can raise the most capital at the best valuation and reach the widest investor base. With some early successes, though, such as AvePoint and UltraGreen.ai, the strategy is heading in the right direction and producing results.
Despite all that, the jury’s still out on whether the Anchor Fund can single-handedly turn the tide, but investors recognise that it’s at least a step in the right direction. Whether that momentum continues will depend on how many more companies follow the lead of AvePoint and UltraGreen.ai in the years ahead.
