Lim is currently the executive director of private equity firm Tembusu Partners and senior advisor to Kohlberg Kravis Roberts.
She was the first woman to serve in Singapore's Cabinet when she was made a Minister in the Prime Minister’s Office in 2009.
She also served as the Second Minister for Finance and Second Minister for Transport concurrently.
Lim lost her seat in Parliament at the 2011 general election, when she was part of the People's Action Party (PAP) team that was defeated by the Workers' Party in the Aljunied Group Representation Constituency (GRC), following which she announced that she was retiring from politics.