Temasek Holdings Pte., the Singaporean state firm that poured $95 billion into everything from startups to asset managers in the past five fiscal years, is turning more cautious as threats to the global economic expansion mount.

The investor expects global growth to moderate and sees rising risks in the market, Temasek said in a statement accompanying its annual review on Tuesday. “We may recalibrate and slow our investment pace over the next nine to 18 months,” Alpin Mehta, managing director of investment, said in the statement.

(Read More: The Strait Times)