Thanks but no thanks

Breaking news from Pravda:

SOPHISTICATED investors - and eventually the public - who want to invest alongside Temasek Holdings will be able to do so through its new investment firm Seatown.

Seatown, which was set up last year, may admit institutional co-investors in three to five years and the public in eight to 10 years, said Temasek executive director Simon Israel. But he said it has not been decided how this might be done.

Leaving aside the fact that Temasek is technically the public’s money already, who wouldn’t want the chance to invest alongside Singapore’s second SWF? After all, we’re talking about the sovereign wealth fund that bought strategic stakes in great banks like… erm… Merrill Lynch. And… erm… Barclays.

And… erm… stopped themselves out of both of those stakes in the first quarter of 2009 - right at the ding-dong low - for a net loss somewhere north of $5 billion.

Where do I sign?