Singapore's Tembusu teams up with Chinese entrepreneur Shengdong Pang

Pang, who has a published net worth of $1.2 billion, has agreed to invest a seven-figure sum in Tembusu ICT Fund I, which makes early-stage software investments in South and Southeast Asia. Launched in 2015, it is one of six funds participating in Singapore's early stage venture fund scheme, whereby the National Research Foundation (NRF) matches private sector commitments to local start-ups.

"It is encouraging to see a number of companies in Southeast Asia, especially Singapore, developing core software (deep tech) in areas like security, analytics and cloud computing. Given Singapore's close relationship with the Greater China region, I see a tremendous opportunity to utilize my experience and network to unlock synergies and partnerships for ICT Fund I's portfolio companies," Pang said in a statement.

He established 2345.com as an online directory in 2005. It received backing from Sequoia Capital in 2010 and was subsequently acquired by Shenzhen-listed Shanghai 2345 Network Holding Group. Social networking site 51.com was also set up in 2005 and received multiple rounds of VC funding.

Founded in 2006, Tembusu primarily invests in China, India and Southeast Asia and has around S$300 million ($222 million) in capital under management. The firm is also investing its third pan-Asia growth fund, which had a first close of S$30 million in December 2014. The full target is S$150 million.

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• Topics
• Southeast Asia
• Greater China
• GPs
• Fundraising
• Singapore
• China
• Tembusu Partners