Squadron promotes two to managing director

The Hong Kong-based fund of funds manager has added Wen Tan and Boris Bong to its group of managing directors, as it raises $400m for Fund II.

Asian fund of funds Squadron Capital has promoted Wen Tan and Boris Bong to become managing directors. Both were investment directors at the firm.

Tan joined Squadron in 2004. Prior to that, he was an associate director with Ernst & Young’s China transaction advisory services group and an investment banker with Lazard in London.

Bong also joined the firm in 2004. He was previously with PPM Capital, where he worked for five years. At PPM, he was an associate director and worked on management buyout and fund of fund investments in the Asia Pacific. Prior to that, he worked with John Laing Investment, where he was involved in infrastructure projects in Southeast Asia and Australia. He has also worked with the corporate and project finance division of Barclays Capital.

Although all members of Squadron's investment team are involved in investments on a pan-regional basis, Bong has more of a focus on Japan- and Korea-focused funds, while Tan concentrates more on India-focused funds.

Squadron, an affiliate of the Search Investment Group, is headed by chief executive officer David Pierce. Other managing directors besides Tan and Bong are Jacob Chiu and Alice Chow. In total, Squadron has 11 investment professionals.

Squadron is currently in raising its second fund of funds, a $400 million vehicle focused on pursuing investments in funds across Asia.

It is one of the lead investors in Avigo SME Fund III, a $250 million fund that saw a first close on $150 million in the last week of February.