CPF monies are invested by the CPF Board (CPFB) in Special Singapore Government Securities (SSGS). SSGS are issued specially by the Government to CPFB. The proceeds from SSGS are pooled with the rest of the Government’s funds, such as government surplus, and proceeds from land sales. The co-mingled funds are invested by the Government’s fund manager, GIC, for long-term returns. GIC was created in 1981, to invest the Government’s assets for long-term returns.
CPF monies are not managed by Temasek, and proceeds from SSGS are also not invested with Temasek. Temasek is a separate company that owns and manages its assets.