Strategy 01 of 6
Pre-IPO & Growth Equity
Minority and significant-minority positions in established private companies that are two to four years from a public listing or strategic exit.
- Typical commitment
- US$5 million to US$40 million
- Holding period
- 3 to 7 years, often through and beyond listing
- Geographies
- Hong Kong, mainland China, Singapore and Southeast Asia
Overview
The strategy
Instruments
- Ordinary and preferred equity
- Convertible instruments
- Secondary purchases from early shareholders
- Cornerstone and anchor positions at listing
Our pre-IPO work grew out of the firm's earliest experience alongside companies preparing for the Hong Kong market. Today we invest directly in late-stage private businesses that already have scale, profitability or a clear path to it, and a management team serious about the disciplines of public ownership.
We are not constrained by a fixed investment period or exit window. We can hold through the listing and beyond, participate in follow-on rounds and take a long-term view of value rather than optimising for a single liquidity event.
We are direct, engaged shareholders. Where it is useful we take a board or observer seat, and we work closely with founders on capital structure, governance and listing readiness.
What we look for
Criteria
- Revenue of US$30 million or more, with visible unit economics
- A defensible position in a market we understand
- Founders who want a long-term shareholder rather than a transactional investor
- A clean corporate structure, or a credible plan to achieve one
- A realistic listing or exit thesis in Hong Kong, Singapore, mainland China or the United States
What we avoid
Exclusions
- Pre-revenue or concept-stage businesses
- Situations dependent on continuous external fundraising
- Structures that place our capital behind undisclosed related-party interests
Beyond capital
What we bring to the table.
Capital is only part of what an investor brings. These are the things that matter most to our partners in this strategy.
- 01
Listing readiness: corporate structure, board composition and reporting cadence
- 02
Introductions to sponsors, auditors, legal counsel and cornerstone-quality co-shareholders
- 03
Patient follow-on capital in subsequent rounds
- 04
Continuity after listing as a stable, long-term holder
Related sectors
Where this strategy is most active.
Financial Services
Specialty finance, wealth and asset servicing, insurance distribution and financial infrastructure across Asia.
SectorTechnology & Software
Enterprise software, vertical SaaS, data infrastructure and technology-enabled services with proven commercial traction.
SectorHealthcare & Life Sciences
Healthcare services, medical devices, diagnostics and commercial-stage life sciences in Greater China and Southeast Asia.
SectorConsumer & Brands
Branded consumer businesses, premium food and beverage, and retail formats with pricing power and loyal customers.
SectorBusiness & Professional Services
Recurring-revenue service businesses with high customer retention, including outsourcing, compliance, education and testing.
SectorTalk to the people who make the decisions.
If you are a founder, owner or borrower looking for an aligned investor with a long horizon, we would like to hear from you.