Aspex Management (HK) Limited

Aspex Management (HK) Limited

David Teoh, former co-founder and managing partner of TPG Capital Asia, established Aspex Management in Hong Kong in 2018 as a family office to manage his personal fortune. Hermes Li, a former Goldman Sachs partner and tech investor, joined as co-founder and CEO, bringing deep TMT deal experience. The firm draws on TPG's Asian network and Li's technology expertise to source proprietary opportunities. Aspex pursues a long-biased equity strategy with a value tilt, targeting undervalued companies across sectors including technology, financial services, healthcare, and consumer discretionary. Reported holdings from annual SEC 13F filings reveal positions in Alibaba, JD.com, Baidu, NIO, and several Chinese bank stocks — all starkly different from growth-heavy peers. The firm avoids leverage and derivatives, preferring direct equity investments in listed Asian companies. Aspex's geographic focus is predominantly Greater China, Southeast Asia, and developed Asian markets like Japan and South Korea. The family office operates with a lean team of investment professionals, estimated at under 30 individuals, all based in Hong Kong. It has not disclosed additional satellite offices, though the firm maintains a presence in mainland China via investment relationships. Aspex has not made public moves toward multi-family office expansion or external capital raising, remaining tightly controlled by the Teoh family. A key differentiator is Aspex's hybrid structure: it manages family wealth while employing hedge-fund style transparency through public securities filings — a rare posture among Asian single-family offices. The firm's avoidance of leverage and derivatives also marks a conservative departure from more aggressive Asian multi-family offices. Aspex likely remains a conduit for the Teoh family's concentrated equity bets in Asian markets, with no succession or governance changes publicly disclosed since inception.