TIF Ventures, a private equity and venture capital fund of funds investment subsidiary of Singapore’s Economic Development Board (EDB), has lost all four members of its senior management team including chief executive officer Jimmy Hsu.
The other three resignations are Tan Kit Jong, chief operating officer and head of Asia Pacific and Europe; Lee Lay Hong, a senior vice president who is also head of portfolio monitoring and venture services; and David Lim, who oversees TIF fund investments on the US west coast and direct investments.
Their resignations took effect on 1 October.
Hsu, Tan and Lee are part of a six-member team at newly-launched, Asia-focused Eagle Capital Partners in Singapore.
Lim will be leading a handful of his former colleagues to set up a separate fund of funds.
The departures at TIF means the Singapore government fund of funds management will be subsumed into EDB Investments, an EDB official told PEO last Friday.
“TIF Ventures will remain as a legal entity under EDB Investments,” Anna Chan, general manager at EDB Investments said.
TIF Ventures, which in 1999 evolved from Singapore’s National Science and Technology Board, renamed A*Star, has deployed $1.3 billion to more than 100 funds since establishment.
EDB Investments invests in businesses that will help grow Singapore’s economy.