Temasek's Charles Ong joins brother Richard at RRJ Capital
Charles Ong, senior managing director of Temasek Holdings, has been “seconded” to newly formed RRJ Capital, run by his brother Richard, who co-founded Hopu Investment Management.
According to Temasek's website, Ong "is seconded to RRJ Capital from 1 September 2011." No further details on his role at the fund have been released, though a Reuters report notes he will remain a senior managing director for special projects at the sovereign wealth fund.
Temasek is one of RRJ's LPs, and has worked with the private equity fund on its first investment, in US-focused oil exploratory and extraction firm Frac Tech Services. That deal saw RRJ and Temasek took a 70% controlling stake in Texas-based Frac Tech, funded by $1.7 billion worth of debt.
Richard Ong announced the he would leave Hopu to raise a $2 billion vehicle in February, marking RRJ Capital as one of the largest funds dedicated to Asian markets. RRJ's second close came in June.
Charles Ong joins Richard after nearly 10 years at Temasek. He additionally worked as an investment banker at Lazard Freres & Co. in New York, and he worked for Deutsche Bank AG in Singapore before joining Temasek.
Richard Ong, meanwhile, spent 15 years at US investment bank Goldman Sachs, which he joined in 1993. He left Goldman in 2008 to join fellow Fang Fenglei and former KPMG executive Dominic Ho in establishing Hopu.
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