Tembusu Partners

Tembusu Partners

Tembusu Partners launched in 2006 when co-chairman Andy Lim and co-chairman Lim Hwee Hua established the firm to invest across private equity, private debt, and venture building in Asia. The firm operates from headquarters in Shanghai, with a second office in Singapore and a presence in Guiyang, China’s Guizhou province. Its licenses — a Capital Markets Service license for fund management in Singapore and a Qualified Foreign Limited Partner license in China — allow Tembusu to raise and deploy capital across both markets natively, a structural feature that separates it from single-jurisdiction managers. The firm invests across a wide asset-class mix that includes early-stage venture capital, growth equity, pre-IPO placements, and private credit. Its portfolio reveals a long arc of technology and innovation bets — the earliest recorded positions date to November 2014, and the strategy has consistently favored enterprise and consumer tech alongside selective forays into real estate, sustainability, healthcare, and media. Notable deals assembled over this horizon include investments in a telecommunications asset (March 2018), a healthcare company (April 2021), and a real-estate tech platform (February 2025). The pre-IPO and private-debt wings sit alongside the venture-building practice, meaning Tembusu can write checks from seed to pre-IPO or structure credit instruments when an equity round isn't optimal. Geographic exposure is concentrated in China and Southeast Asia, with Singapore serving as the hub for offshore investor mandates structured through Variable Capital Company vehicles. The investment team is anchored by CIO Jonathan Ang, supported by vice chairman Khoong Hock Yun, principal Theodora Lai, and a bench of managing partners who run dedicated sleeves: Julian Low covers Moringa Ventures, Mock Pak Lum runs the Blockchain Fund, Jonathan Ng oversees Tembusu Wealth Management, and Wally Zheng leads the AI DC Fund. The firm maintains an in-house wealth management unit serving high-net-worth individuals and family offices, which feeds the investor base side-by-side with the institutional fund-management practice. In March 2025, Tembusu Partners made a new technology portfolio addition, following investments in real estate and technology earlier in the first quarter of 2025, continuing a deployment cadence that has remained active across multiple market cycles. Tembusu’s structural differentiator is its dual-license architecture paired with an in-house wealth-management engine. That combination lets the firm originate deals in onshore China — where many foreign managers hit regulatory walls — while servicing offshore capital through Singapore VCC structures. Few private-capital firms in the region control both the origination pipeline on the mainland and the fund-formation toolkit in Singapore, a design choice that gives Tembusu an unusual degree of control over the full capital cycle.