Hopu principals retiring, diverging: reports
Despite the firm's earlier denials to AVCJ, Hopu Investment Management may in fact be in the process of spinning out its present investments and looks to be on track to dissolve its current vehicle as founders Fang Fenglei and Richard Ong pursue separate endeavors, according to reports.
Calls to Hopu's offices confirmed that Fang will no longer be participating in the firm's Singapore-domiciled operation. Other PE fund sources suggested that Fang and Ong's investment styles may have proven too divergent, with the firm's LPs, including Singapore's Temasek Holdings and Goldman Sachs, ultimately preferring not to support a second unitary Hopu fund.
According to the original Financial Times report, Hopu has contacted its LPs to inform them that two of its three principals will be retiring. Dominic Ho, the third and lesser-known founder of Hopu and a former KPMG partner, is known to have been planning retirement for some time. Sources from the LP community suggested that Fang and Ong may now go on to raise separate funds, with Ong favoring a more purely PE focus and Fang an opportunistic multi-strategy approach. Earlier denials from Hopu to AVCJ did not refute this possibility.
More on Funds
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.