Spring Capital Asia hires two amid $200m fundraise

The firm founded by former JAFCO executive Vincent Chan has hired Louis Choy, former CEO of Hong Kong life sciences company Biocenturey, and Felix Wong, former CFO of Natixis Private Equity Asia. The firm has raised $103m to date for its debut fund focused on SMEs in China.

China-focused private equity firm Spring Capital Asia has appointed Louis Choy and Felix Wong as partners.
 
Choy has 11 years of experience in private equity and healthcare investments. He was most recently chief executive of Biocenturey Holdings, a Hong Kong-based life sciences company, before which he worked at Transpac, a Singapore-listed invested firm that makes private equity investments in Asia Pacific.

Louis Choy

His experience in Chinese healthcare operations will benefit portfolio companies, said Vincent Chan, founder and CEO of Spring Capital Asia.

Wong, who will be Spring Capital Asia's chief financial officer, was the CFO of Natixis Private Equity Asia from 2006 till October 2008. Prior to that, he was an associate director of finance with JAFCO Asia, a technology-focused venture capital firm, for five years. He has also spent nine years with companies including Duty Free Shoppers and ACNielsen, a marketing information company. He began his career at Pricewaterhouse Coopers in Hong Kong where he spent three years as an auditor.

At JAFCO, Wong was involved with a number of the firm’s pre-investing accounting due diligence and monitoring projects in China, said Chan, who was JAFCO Asia's North Asian head prior to founding Spring Capital Asia in November 2007.

The Hong Kong-based firm opened its second office earlier this year in July in Shanghai. That office is headed by managing partner Thomas Xue, who joined in January 2008 from Pinpoint Capital, a Shanghai-based private equity firm where he was a partner.

Spring Capital Asia is raising $200 million for its debut fund, which will make first round investments in Chinese SMEs in the clean technology, healthcare and consumer-driven sectors. It has raised $103 million thus far from cornerstone investors and team members.

Vincent Chan

The deal pipeline is very strong in China and the firm has three deals under exclusivity at the moment, including an energy saving deal which the firm closed on 13 October, said Chan.

Spring Capital Asia plans to increase the size of its team in Shanghai over the next year.