Richard Ong, Goldman Sachs’ co-head of investment banking in China, has left the bank to join the Hopu Fund, which is run by its partner in China Fang Fenglei, according to media sources.
Fang is setting up a $2 billion (€1.4 billion) private equity fund in partnership with Singapore’s sovereign wealth fund Temasek Holdings, which is committing $1 billion.
Goldman Sachs is committing $300 million to the fund and Ong will retain an advisory role at the bank.
Fang also works at Goldman Gao Hua Securities and runs a separate, Chinese state-backed fund.
Fang’s investment company, Hope Investments, is also setting up a RMB5 billion ($677 million, €463 million) China-Singapore Hi-Tech Industrial Investment Fund in partnership with state-backed firm Suzhou Ventures. That fund will target enterprises in the Yangtze delta region, especially in Suzhou Industrial Park, with a particular emphasis on IT and biomedical companies. The Suzhou government will back the fund, along with local insurance companies and banks.