Tay Choon Chong has joined venture firm Vertex Venture as a managing director and China chief representative, a newly created role.
Based in Beijing, Tay will spearhead Vertex’s investments in China and joins the firm’s investment committee. The firm currently has two investment professionals in Beijing and is looking to hire up to two more, said Chua Kee Lock, chief executive officer of Vertex, in an interview.
Before joining Vertex, Tay had already been based in Beijing as a senior vice president of Government of Singapore Investment Corporation (GIC) since 2007. He resigned from the Singaporean sovereign wealth fund in March, according to a source.
Prior to his stint at GIC, Tay was a senior vice president in engineering company Singapore Technologies Engineering’s aerospace division. He was also president of Fortune Singapore, part of pan-Asian venture firm Fortune Ventures Investment, where he oversaw two Singapore-based technology funds.
“Most of our funds have been fully invested and are in the process of divestment. In the short term, Vertex has no plans to raise a fund. The team in China will be investing out of its own balance sheet,” said Chua. Historically, the firm invests a third of its capital in private equity funds and the remaining two-thirds in direct private equity.
Vertex invests globally in sectors such as communications, electronics, healthcare and information technology. The firm manages 13 venture funds with total assets worth $1 billion. It has also invested in two co-managed funds and more than 86 third-party venture funds.
Founded in 1988, Vertex was the venture capital arm of the former Singapore Technologies Group. Presently, it is a wholly-own subsidiary of Temasek, Singapore's smaller sovereign wealth fund.
Headquartered in Singapore, the firm has offices in Silicon Valley, Tel-Aviv and Beijing.