Tembusu Partners

Chief Investment Officer Jonathan Ang leads the investment function. He operates alongside vice chairman Khoong Hock Yun, while dedicated managing partners run the Blockchain Fund, the AI DC Fund, Moringa Ventures, and the wealth management unit. Board-level oversight sits with chairman Andy Lim and co-chairman Lim Hwee Hua.

The firm holds a Capital Markets Service license for fund management in Singapore and a Qualified Foreign Limited Partner license in China. The Singapore license allows it to manage funds and use Variable Capital Company structures for offshore investors, while the QFLP license permits onshore renminbi-denominated investment activity in China.

Tembusu runs a predominantly direct-deal strategy across private equity, private debt, and venture building. It has not publicly positioned itself as a fund-of-funds. The firm does operate dedicated investment sleeves such as the Blockchain Fund and the AI DC Fund, which suggest thematic pooled vehicles alongside the direct-investment book.

The firm covers seed-stage venture, growth equity, pre-IPO rounds, and private credit. Its holdings span companies first backed as early as 2014 through recent additions in 2025, indicating it maintains positions across the lifecycle rather than concentrating on a single stage.

The firm has not published an explicit exclusion list. Its portfolio tilts toward enterprise and consumer technology, with smaller allocations to sustainability, real estate, media, and healthcare. No holdings have been disclosed in hard-to-abate heavy industry or fossil-fuel extraction.

Tembusu leverages a network of corporate leaders, industry veterans, and academic relationships, supported by its dual onshore-offshore presence in China and Singapore. Its QFLP license enables direct origination in mainland China, a channel that many foreign GPs cannot access, which becomes a structural sourcing advantage.

Yes. Tembusu Wealth Management, led by managing partner Jonathan Ng, serves high-net-worth individuals and family offices. Alongside that, the firm offers fund management and advisory services through Singapore VCC structures, making it both an asset manager and a private-wealth platform.