Richard Ong | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Chinese | 王忠信 [1] | ||||||||||||||||
|
Richard Ong Tiong Sin (born 1965) is a Malaysian businessman and investor. [2] He is the founder,chairman,and CEO of RRJ Capital,one of the largest private equity funds based in Asia. [3] [4] Richard was also a founder and CEO of Hopu Fund 1,a Beijing-based private equity fund. [5] [6]
Ong started his finance career at Chase Manhattan Bank,where he worked for three years as a mergers banker;he also spent a year at Prudential Bache International. [7]
Ong joined Goldman Sachs in 1993 and became a partner of the firm seven years later. [3] He was later named to the position of co-president of Goldman's Singapore office. [7]
In 2006,Ong was promoted to the position of co-head of Asia investment banking,replacing Bill Wicker,who moved to New York. [3] GS moved Ong from Singapore to Beijing with the intention that he would also become CEO of their Beijing joint venture Goldman Sachs Gao Hua Securities,Co. [7] However,Ong's weak knowledge of written Chinese [8] led him to fail a language ability examination required to take up his new position. [9] The China Securities Regulatory Commission (CSRC) had required since 2004 that CEOs,deputy CEOs,and heads of supervisory boards at locally incorporated securities firms all pass the examination;however many CEOs and deputy CEOs of other securities companies were not able to pass the CSRC examination as well,but were given waivers. [9] Goldman elevated the joint venture's deputy CEO Zha Xiangyang to the CEO post in Ong's place. [8]
One industry observer criticised the decision by CSRC to deny Ong his new position as "short sighted and xenophobic",also noting that it served as a wake-up call to overseas Chinese that shared ethnicity was not a guarantee of success in the mainland China market. [10] A China Economic Review editorial speculated that the language proficiency issue was merely a pretext,and that the true reason that CSRC denied Goldman permission to name Ong to his new position was due to his family ties to Singaporean sovereign wealth fund Temasek Holdings and his own role in the money-losing sale of former Thai prime minister Thaksin Shinawatra's Shin Corporation to Temasek. [9]
In January 2008,Ong resigned from his position at GS,ending a fifteen-year tenure there;his departure was seen as a major blow to the firm. [11] He stated that he planned to return to Malaysia to spend time with his family and work in his family business. [3] It soon emerged that he would be joining fellow former GS executive Fang Fenglei at the Hopu Fund,a new China private equity fund established by Fang. Goldman planned to invest roughly US$300 million of their own money in the new fund,while Temasek would provide another US$1 billion. The total size of the fund was planned at US$2 billion;interest from potential investors far exceeded that amount,according to unnamed sources. [12] In 2010 the fund began winding down when it announced that Hopu Investment Management would not be raising a second fund. [13]
RRJ Capital, a private equity firm based in Hong Kong and Singapore, was founded in March 2011 by Ong. [14] [15]
Ong is of Chinese descent and was born in Malaysia. [8] He received a bachelor's degree from Cornell University in 1986 and then an MBA from the University of Chicago in 1989. His brother Charles Ong was the chief strategist of Singaporean sovereign wealth fund Temasek Holdings [3] and is currently co-CEO and co-chairman of RRJ Capital.
Temasek Holdings (Private) Limited, or simply Temasek, is a global investment company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek has a net portfolio of US$287 billion as of 2023, with S$27 billion divested and S$31 billion invested during the year.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. The firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.
Warburg Pincus LLC is a global private equity firm, headquartered in New York City, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. The firm currently has over $80 billion in assets under management and invests in a range of sectors including retail, industrial manufacturing, energy, financial services, health care, technology, media, and real estate. Warburg Pincus is a growth investor. Warburg Pincus has raised 21 private equity funds which have invested over $100 billion in over 1,000 companies in 40 countries.
Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, crypto, tech opportunities, partnership opportunities, special situations, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2022, the firm managed approximately $165 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia.
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. The group, which is based in New York City, was founded in 1986.
Financial services in China refers to the services provided in China by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
China International Capital Corporation Limited is a Chinese partially state-owned multinational investment management and financial services company. Founded in China in 1995, CICC provides investment banking, securities and investment management services to corporations, institutions and individuals worldwide.
Securities industry in China is an article on the securities industry in mainland China.
Hillhouse Investment is a global private equity firm with an East Asian heritage. Hillhouse was founded by Lei Zhang in 2005 with initial seed capital from the Yale University endowment and invests across East Asia, Southeast Asia, North America, and Europe. Hillhouse has Asian offices in Singapore, Hong Kong, Beijing and Shanghai with additional international offices in New York City and London.
CDH Investments is a major Chinese alternative asset management firm based in Beijing, China. It specializes in private equity, venture capital and credit products. CDH invests across a range of sectors and regions. As of March 2015, CDH manages over RMB 100 billion of investor capital across its various investment platforms.
Zhongzhi Capital was founded in 2011 with registered capital of RMB 1bn, it is an asset management company which is headquartered in Beijing. It is registered with the Asset Management Association of China.
MBK Partners (MBKP) is a South Korean private equity firm focused on North Asia. According to Forbes, MBK Partners is one of the largest private equity firms in Asia, managing $25 billion worth of assets.
RRJ Capital is a private equity firm based in Hong Kong and Singapore. It is one of the largest private equity firms based in Asia.
Dymon Asia is an Asia-focused investment management firm based in Singapore. It is considered one of the largest hedge funds in Singapore and Asia.
Fang Fenglei is a Chinese investment banker who founded private equity firm Hopu Investment and is the chairman of Goldman Sachs Gaohua Securities. He previously served as deputy chief executive of China International Capital Corporation, CEO of BOC International Holdings.
FountainVest Partners is a Chinese investment firm based in Hong Kong that invests in the private markets. The firm focuses on China's media and entertainment, sports and consumer-related sectors although it has expanded into other areas in recent years.
Boyu Capital is a Chinese private equity firm headquartered in Hong Kong with additional offices in Beijing, Shanghai and Singapore.
CBC Group is an Asian investment firm headquartered in Singapore. It is focused on private investments in the healthcare and biotechnology industries. It is considered the largest healthcare-focused investment firm in Asia.
DCP Capital is a Chinese private equity firm headquartered in Hong Kong. The firm focuses on the consumer, healthcare, education and technology sectors in Asia.