How about Temasek?

Temasek actively seeks investment opportunities from around the world, with a strong focus on balancing potential returns with associated risks. 

This discipline is built around understanding the intrinsic value of businesses and applying a risk-return framework to assess the attractiveness of different investment opportunities, and this serves as the foundation for Temasek’s investment decisions. 

For each investment, Temasek conducts a detailed analysis of its intrinsic value, and the expected returns over various timeframes are evaluated against the investment’s ‘risk-adjusted cost of capital’.

The difference between an investment’s expected return and its respective risk-adjusted cost of capital – called the spread – shows how attractive the investment is. 

Temasek takes this into account, in addition to analysing the macroeconomic environment, the respective industry landscape, the business’s product or service offering and strength of management, its alignment to key structural trends, and so on, before deciding whether to invest in an opportunity.