In 2020, we opened Allium Care Suites, Singapore's first premium nursing home. Allium also provides day-care and respite services.

Together with various partners, we own a significant stake in Arcadia, a retirement living operator and developer with a portfolio of eleven retirement communities in Western Australia and Victoria.

Opal is a leading provider of quality residential aged care in Australia. Since we invested in 2013, Opal has almost tripled its portfolio to 132 homes with capacity of over 13,000 beds.

We have had a long relationship with Columbia Capital, a US manager focused on digital infrastructure, enterprise technology, and mobility. We invest in Columbia funds, and were also in partnership with them for many years in euNetworks, a leading European metro fibre operator.

We invested in FountainVest's China-focused funds from its founding in 2007, and we have also co-invested with their funds.

We were investors in Ikhlas Capital's first ASEAN-focused fund and recently invested in their second fund.

We are a limited partner in InfraBridge Fund which focused on sectors including transport and logistics, digital infrastructure and energy transition globally.

We have invested in various assets linked to the planned rejuvenation of the Myoko ski region in northern Honshu, led by Patience Capital's Japan Tourism Fund One (JTF1). We are also investors in Patience Capital's Residential Opportunities Fund, which is focused on assets in Greater Tokyo.

We recently became a limited partner in Tower Capital's private equity fund, having previously looked at specific investment projects alongside their team. Tower Capital also led the buyout of Boardroom Limited.

We invest with venture capital groups to gain exposure to specific geographies and sectors. These are some of our relationships:

We invest from seed stage in a variety of businesses. Some of these investments are made in conjunction with our venture capital and private equity fund partners. Selected investments include the following:

In 2004, we took a 29% stake in Boardroom Limited, a business services provider in Southeast Asia. We subsequently raised this to 33% in 2006, and then to 81% in 2014. Subsequent purchases brought us to 87%. We expanded the business to Australia in 2010, and merged Boardroom with Malaysia's Symphony House in 2018, diluting our stake to 81%. In 2019, we raised our stake to 92% and took Boardroom private. In 2022, we sold Boardroom to a private equity-led consortium, valuing the company at S$312 million.

We first invested in this owner and operator of Western European optic fibre networks in 2005, when it was a Singapore-listed company. After its delisting in 2016, it continued to grow its business and profits steadily. Our investment thesis was that the stock market had fundamentally undervalued the breadth of its network, and the potential of earnings to scale up rapidly as the need for high-capacity high-speed data transmission increased in Europe. In November 2017, a takeover bid valued the company at approximately EUR1 billion, and we booked a profit of S$68 million on proceeds of S$106 million for our 7% stake. Whilst we are happy to join our partners in the sale, we also decided to reinvest 15% of the proceeds (S$16 million) back into the business to partcipate in the next phase of growth.