CEO of Singapore's EDBI departs to launch own fund
Swee Yeok Chu, CEO and president of Singapore government investor EDBI, is stepping down from her role with a view to launching her own fund.
She will be succeeded – effective February 1, 2023 – by Paul Ng, currently a managing partner who has been with the organisation for 12 years.
Ng leads direct investments in global technology companies and in Singapore-based small and medium-sized enterprises, as well as overseeing commitments to global PE and VC funds. He was based in the San Francisco Bay area from 2012 to 2015. He has also held senior positions in special projects and corporate planning.
Prior to joining EDBI, Ng worked on investments for GIC and in project management of large-scale IT infrastructure and security systems for PSA Corporation.
Chu will continue to serve as a senior advisor to the chairman of EDBI following her departure, according to a statement. No further details were given as to her next project in investment management.
Since joining the Singapore Economic Development Board (EDB) in 1986, Chu has pioneered the establishment of healthcare-focused funds. She served as founding CEO of Bio*One Capital – which claimed to be the largest biomedical sciences fund in Asia – between 2004 and 2008. Chu became CEO of EDBI in 2009.
EBDI is active across information and communication technology, emerging technologies, healthcare, and select other industries, typically investing with a view to supporting the strategic and economic development of Singapore. Portfolio companies sometimes use Singapore as a hub for accessing Asian markets.
Recent investment activity includes participation in funding rounds for insurance technology start-up Bolttech, vaccine developer RVAC Medicines, e-scooter business Neuron Mobility, and cancer drug developer Tessa Therapeutics, all of which are based in Singapore. It has also backed Fazz and Voyager Innovations, financial technology players in Indonesia and the Philippines, respectively.
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