Aspex Management (HK) Limited

David Teoh serves as founder and Chief Investment Officer, setting the macro and sector-level strategy. Co-founder and CEO Hermes Li oversees day-to-day execution and the deal team. Both are former TPG Capital Asia partners, with Li also a former Goldman Sachs partner (per public record).

Aspex leverages David Teoh's two-decade relationship network from TPG Capital Asia, along with Hermes Li's technology and deal sourcing expertise. The firm focuses on publicly listed equities, but also engages in private placements and secondary market block trades where its network provides proprietary access (per SEC filings).

No — Aspex Management operates as a single-family office managing David Teoh's wealth, as confirmed by its structure and lack of external investor marketing. It does not raise capital from third parties.

Aspex targets listed Asian equities with a value-oriented bias — essentially, public market companies. It has not been involved in venture capital or growth equity stages, differing from many US family offices.

David Teoh co-founded TPG Capital Asia, but Aspex Management is an independent entity. It has no ownership or operational ties to TPG or any other family office (per public record).

The firm's stated strategy explicitly avoids leverage, options, and derivatives, focusing instead on long-only concentrated equity positions. This is evident from SEC filings showing no short positions or derivative exposures.

Based on mandated SEC 13F filings, Aspex has reported significant positions in Alibaba, JD.com, Baidu, NIO, and selected Chinese bank stocks. These positions are updated quarterly but do not represent the full portfolio due to confidentiality thresholds (per SEC filings).