Aetius Capital is a Singapore-based private investment firm with a singular focus on partnering and backing highly driven entrepreneurs in Southeast Asia. Our multi-national and multi-disciplinary team of C-suite executives have a combined business experience of more than 100 years in Southeast Asia and across the globe. We leverage our global network to get entrepreneurs access to key decision-makers, customers, investors as well as other entrepreneurs. With our unparalleled access to deal flow, investors and capital markets, we have established a successful fundraising and investment track record since inception.
Advisory Board
Betty Liu
Globally Connected Executive
Henry Nguyen
Vietnam Business Expert
Alexis Horowitz-Burdick
Exited SEA Entrepreneur
Doris Ng
Asia Private Equity Veteran
Betty Liu
Globally Connected Executive
Henry Nguyen
Vietnam Business Expert
Alexis Horowitz-Burdick
Exited SEA Entrepreneur
Doris Ng
Asia Private Equity Veteran
Mr Benjamin Cher is a seasoned investor and venture builder with more than 15 years of experience in venture capital, private equity, strategy and entrepreneurship in Southeast Asia. He founded Aetius Capital and has been serving as its full-time chief executive officer since 2016. Aetius Capital is an active venture builder and investor in Southeast Asian technology startups. Since inception, the ventures backed or advised by Aetius Capital have raised more than US$1 billion of capital from prominent institutional investors. Aetius Capital has invested in and successfully exited from a number of high-growth technology startups in Southeast Asia, across diverse verticals such as e-commerce, fintech, telehealth, data analytics and digital media technology.
Prior to Aetius Capital, Mr Cher has held senior front-office roles at Credit Suisse AG and Temasek Holdings. At Credit Suisse, he was a Director managing the relationships and investments for ultra high net worth clients. At Temasek, he was involved in direct and fund investments in Southeast Asia. He was also the founding team member and principal fund manager for a Temasek-owned private equity investment platform known as Heliconia Capital Management, where he managed more than US$300 million. At Heliconia, Mr Cher originated and completed more than US$200 million of investments in Southeast Asian deals.
Before joining Temasek, he was a member of the Singapore Administrative Service, a highly selective strategic planning corps of the Singapore Government, where he led and managed teams to formulate and execute cross-cutting strategic policies in the Ministry of Finance and the Ministry of Trade and Industry. He has also led policy teams to advise the Finance and Trade Ministers at the United Nations, World Bank, IMF and G20 meetings.
A former national judo champion, Mr Cher is a recipient of the Singapore Government’s Public Service Commission (Overseas) Scholarship and holds a Master of Science in Management Science & Engineering from Stanford University, and a Bachelor of Engineering (First Class) in Electrical & Electronic Engineering from Imperial College London.
Mr Riady Gozali is a Venture Partner with Aetius Capital, focusing on deal origination and transactions in Indonesia. He is a seasoned business executive and angel investor with over 20 years of professional experience across the United States, China, Singapore and Indonesia. Mr. Gozali has also made notable investments in ecommerce, fintech, SAAS, advanced manufacturing, biotech and healthcare companies.
Prior to becoming a full-time investor, Mr. Gozali acquired extensive operating experience with Giti Tire, one of the world’s largest manufacturers of tires with revenues exceeding $3 billion and employees exceeding 35,000. From 2004 to 2020, Mr. Gozali served in senior roles in Singapore, China and United States, overseeing Purchasing, Engineering, IT and R&D. He spearheaded and managed Giti Tire’s first manufacturing operation in the United States, culminating in the setup of a 1.5 million square feet facility with annual production capacity of 10 million tires. He also spearheaded Giti Tire’s R&D division and implemented strategies and systems to achieve “Industry 4.0”, enabling Giti Tire to incorporate new technological innovations in Artificial Intelligence, Big Data and Internet-of-Things.
Prior to Giti Tire, Mr. Gozali led the development and implementation of multi-faceted Government technology solutions in Singapore, and worked within several start-ups across North America, Asia and Australia.
With Mr. Gozali’s language fluency across English, Mandarin Chinese and Bahasa Indonesian, he continues to maintain strong connectivity across the Asia-Pacific region and beyond. Mr. Gozali graduated with a Bachelor of Engineering in Mechanical Engineering at the University of Michigan, Ann Arbor and also completed his post-graduate studies in Computer Information System at the University of California, Berkeley.
Mr Huy Hoang is a Venture Partner of Aetius Capital, based in Vietnam. Mr. Hoang is a seasoned C-suite executive and angel investor with more than 20 years of work experience in multinational firms spanning across USA, Europe and Southeast Asia.
He is currently the Chief Growth Officer of DatViet Group, which is the largest privately owned media technology group in Vietnam. He spearheads DatViet’s strategic growth initiatives, including investments, joint ventures, partnerships, start-ups new and business transformation. Prior to DatViet, Mr. Hoang has a long track record in real estate development, where he served as the CEO of Saigon M&C and the de-facto COO for a local real estate developer in Vietnam with a portfolio of over USD 2 billion in development value. He was instrumental in the development process of several large-scale projects across Vietnam, including Saigon One, the award winning largest single tower development in Ho Chi Minh City, with over 150,000 sqm gross floor area.
Mr. Hoang is also an active angel investor with a successful track record of investing in and exiting from ventures in the media, retail and F&B space. He holds a MSc degree in Engineering Cybernetics from Norwegian University of Science and Technology and a MBA from Kellogg School of Management, Northwestern University.
Shan Cui is our Chief Financial Officer. She has more than 20 years of financial management, consulting and audit experience, including serving as an independent director and audit committee chair of a few Nasdaq-listed companies.
She is currently an independent director and audit committee chair of Venus Acquisition Corporation (Nasdaq:VENAU) since February 2021. She is also an independent director and audit committee chair of Wimi Hologram Cloud Inc. (Nasdaq: WIMI) since June 2020. Previously, Ms. Cui served as independent director and audit committee chair for Greenland Acquisition Corporation (formerly Nasdaq: GLAC) from October 2019 to May 2021. Since 2010, she also serves as the Executive Director of First Capital International Limited, which provides consulting services for private equity and venture capital companies.
From February 2011 to February 2013, she served as the Chief Financial Officer of Lizhan Environmental Corporation, a then Nasdaq-listed company engaged in the business of green leather material.
How Teck Lim is currently the Board Chairman of Heliconia Capital Management, a Temasek Holdings wholly owned private equity investment firm which invests in growth-oriented companies in Asia.
Mr. Lim has extensive Board, financial management, M&A and operating experience in his 45-year career. Mr. Lim was a Senior Advisor to Bain Capital LLC from 2014 to 2019. From 2005, Mr. Lim served as a corporate advisor to Temasek International and has held Board Chairman or Board Director positions in many public and private companies in Singapore, several of which are owned and/or backed by Temasek, including Heliconia Capital Management (2011 – present), Port of Singapore Authority (1994 – 1998), Certis Cisco Security (from 2007 – 2015) and Tuas Power (from 2005 – 2014).
He also served as the Chairman of the Audit Committee in several Singapore listed companies. From 1975 to 2005, Mr. Lim was with the Neptune Orient Lines (NOL) Group, which was the largest container shipping company in Southeast Asia.
Mr. Lim served in various C-Suite roles including Group Deputy CEO, Group CFO, Group COO and Executive Director. He led NOL’s acquisition of American President Lines (APL) for US$825 million in 1997 and also the divestment of American Eagle Tankers for an enterprise value of around US$650 million in 2003.
Mr. Lim holds a Bachelor of Accountancy Degree from the University of Singapore. He is a Fellow of the Chartered Institute of Management Accountants of UK (FCMA), a Fellow of the Certified Public Accountants of Australia (FCPA Aust), a Fellow of the Institute of Certified Public Accountants of Singapore (FCPA ICPAS), a Fellow of the Singapore Institute of Directors (FSID).
He is a graduate of the Harvard Graduate School of Business Corporate Financial Management Course and Advanced Management Program in 1983 and 1989 respectively.
Jack Chandler was the former Global Head and Chairman of Blackrock Real Estate from 2011 to 2017, where he spearheaded the growth of the 200+ staffed global investment platform and doubled assets under management.
Prior to Blackrock, Mr. Chandler had a 25-year real estate fund management career with LaSalle Investment Management as the Executive Chairman, Chief Executive Officer and Chief Investment Officer for Asia-Pacific, based in Singapore. He was instrumental in raising US$6.5 billion of funds and growing revenue to US$100 million. He oversaw 200+ staff and US$12 billion worth of direct and indirect investments.
After Blackrock, Mr. Chandler founded Majesteka Investments Holdings, a private firm providing integrated strategic leadership and capital for emerging disruptive companies at the intersection of real estate, asset management, and technology. Since its founding in 2017, Majesteka has made investments in, and Mr. Chandler serves in either a board capacity or as senior advisor, to six technology-enabled real estate firms in the direct lending, crowdfunding, software, data and communications, and single-family rental sectors. In addition, Mr. Chandler is an active angel investor and involved in a range of non-profit and for-profit boards. He also serves as Chairman of the board of directors and Chief Investment Officer of Shelter Acquisition Corporation I, a recently formed special purpose acquisition company.
Mr. Chandler earned a Bachelor of Science in industrial engineering (summa cum laude) from the University of Massachusetts in 1981 and a Master of Business Administration from the Harvard Graduate School of Business in 1986.
Hubert Larenaudie is a veteran and high-performing C-suite international business executive in the global video gaming industry who has delivered strong revenue growth in Asia-Pacific, Europe, USA and Latin America.
He joined Voodoo Games (a French hyper-casual games developer backed by Goldman Sachs and Tencent Holdings) in 2020 as its President and Chief Operating Officer and was instrumental in driving the investment from Tencent Holdings.
From 2015 to 2020, Mr. Larenaudie was the President of Asia-Pacific and Global Head of Unity Platform for Unity Technologies (NYSE: U). He spearheaded from scratch the development of a highly profitable business for Unity, grew its revenue by fifty times and oversaw headcount of more than 800. These achievements contributed significantly to Unity’s successful US$40 billion IPO in September 2020. From 2008 to 2015, Mr. Larenaudie was the President of Asia for Take-Two Interactive Software (NASDAQ: TTWO) where he grew its Asia business by fifty times and increased operating income by sixty times.
From 2006 to 2008, Mr. Larenaudie served as the President of Online Gaming for Electronic Arts (NASDAQ: EA) where he launched the FIFA Online game in Asia and made it into the top online sports game in Korea, China and Southeast Asia by peak concurrent user count. From 2000 to 2006, Mr. Larenaudie was the President of Asia-Pacific for Activision Blizzard (Vivendi Universal Games). He was pivotal in launching World of Warcraft in China, which to date remains one of the highest grossing video games in China of all time. He oversaw more than 350 staff and grew operating cash flow to more than US$150 million.
Mr. Larenaudie holds an MBA in Management of Innovation and Technology Transfer from France’s Toulouse Business School and National Polytechnic Institute.
Darrell Mays is a managing partner of Navigation Capital’s SPAC Operations Group, which makes equity investments in special purpose acquisition companies.
He is the former the chief executive officer and current board chairman of American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT). He was the founder and chief executive officer of nsoro, a turnkey wireless installation services provider, from 2003 to 2008, which was acquired by MasTec (NYSE: MTZ) in August 2008. Mr. Mays has served as an executive of MasTec since 2008, during which period the revenues and EBITDA of MasTec’s communications division, of which nsoro is a component, increased to approximately $2.3 billion and $245.0 million in 2016, respectively.
Mr. Mays holds a Bachelor of Arts degree in business from Georgia State University.
Ronil Sujan has more than 25 years of leadership experience in finance and entrepreneurship across India and Asia-Pacific.
He is the co-founder and chief executive officer of Raaga Holdings Pte Ltd, a board and multi-family office firm with a strong focus on ESG, impact and sustainability, where he served since 2013. He has served on private equity and technology boards in a strategic capacity and has also been involved in multi-asset/multi-family office strategies.
Mr. Sujan is also currently a Director at Omnivore Partners (leading Impact Technology fund investing in India), and Millenna Capital (secondaries fund Mid-Market Technology investor). Mr. Sujan began his career with United Technologies in internal audit in 1990. Subsequently he had a career with Rabobank Group for over 14 years. From 2008 to 2012, Mr. Sujan was the Managing Director & Head of Investment Banking in Asia Pacific at Rabobank International, a Dutch multinational banking group known for its leadership on sustainability-oriented banking. He was on the global executive committee of the joint venture with NM Rothschilds and a member on the senior management team of the bank in Asia.
Mr. Sujan was instrumental in spearheading a deal team for Rabobank Managing Board in acquiring a cornerstone stake in the Agriculture Bank of China along with Temasek Holdings. Mr. Sujan was also part of the founding team and executive director of Rabobank in India (Rabo India Finance). The local shareholding was acquired 100% by Rabobank in 2004 after significant value creation.
Mr. Sujan completed the Financial Management Program at Stanford University in 2002, earned his Master of Business Administration from Texas A&M University in 1993 and Bachelor of Arts from Muhlenberg College, where he was a Dana Foundation Scholar, in 1990. In addition, he completed the Leadership Program at Harvard University in 2011 and The INSEAD Social Entrepreneurship Program in 2012.
Mr. Sujan has been on the Board of Rotary International, Singapore since 2018, and a committee member of Singapore Institute of Directors from 2017 to 2019. He also serves as “Entrepreneur-in-Residence” at the INSEAD Business School since 2018.
Rebekah Woo has more than 20 years of venture capital and private equity investment and relationship management experience.
Since January 2019, Ms. Woo has served as Managing Director of Fosun, one of the largest private conglomerates in China with global businesses in healthcare and consumer products, financial services, tourism, entertainment and real estate.
In 2018, Ms. Woo served as Head at Lu International Pte Ltd., the global financial technology headquarters for Lufax Holdings, China’s largest online wealth management platform. From 2014 to 2017, she served as Senior Director of CDPQ Asia Pacific Pte. Ltd., one of Canada’s largest pension plans, investing across asset classes and Asia. From 2013 to 2014, she served as Vice President of JPMorgan Asset Management. From 2007 to 2012, Ms. Woo was a Director at Centenium Capital Partners, a multibillion single family office in New York investing across asset classes and geographies. From 1999 to 2017, she was a Director at the Economic Development Board of the government of Singapore, both in Singapore and New York. Ms. Woo currently serves as a member of the board of directors of Vickers Vantage Corp. I (NASDAQ: VCKA), a special purpose acquisition company.
Ms. Woo received a BSc in Economics (first class) from London School of Economics and an M.A. in Economics from Yale University.
Betty Liu is currently the CEO of D and Z Media Acquisition Corp., a $287.5 million SPAC focused on acquiring a business in the media or ed-tech industries.
Before D and Z, Ms. Liu served as the Executive Vice Chairman of the New York Stock Exchange and Chief Experience Officer for NYSE’s parent company, ICE. She was also a member of the NYSE Group board of directors. Ms. Liu oversaw the NYSE’s digital marketing operations, including customer-centric messaging, branding, digital events, and other core growth initiatives that were linear to the company’s long-term strategy. In addition to her role in marketing and strategy, through her role at the NYSE, Ms. Liu was actively involved in more than 25 initial public offerings, including some of the largest listings in recent history for companies such as Uber (NYSE: UBER), Pinterest (NYSE: PINS), and Tencent Music (NYSE: TME).
Prior to ICE, Ms. Liu served as the Founder and CEO of Radiate, an online, subscription-based ed-tech content company. As the Founder, Ms. Liu led day-to-day operations of the business and scaled the platform from concept to more than 20,000 monthly active professional subscribers in less than 2 years. Ms. Liu led the company through multiple rounds of venture-backed capital raises from notable venture capital investors, such as RSE Ventures and University Ventures. Radiate was acquired by ICE in 2018.
From 2007 to 2018, Ms. Liu was an award-winning business journalist, serving as a leading anchor and editor-at-large for Bloomberg Television and Bloomberg Radio (“Bloomberg”) in New York City. Ms. Liu hosted “In the Loop”, the highest-rated morning show on Bloomberg TV, and developed several franchises including “Titans at the Table,” which focused on leaders in finance, markets, entertainment, and business, reaching over 340 million viewers globally.
Before joining Bloomberg, Ms. Liu was an anchor for CNBC Asia based in Hong Kong, serving as part of the leadership group which helped build CNBC Asia into a market-leading news network within the region. Prior to 2007, Ms. Liu was the Atlanta Bureau Chief for the Financial Times, served as the Taiwan Bureau Chief for Dow Jones Newswires, and separately was their Hong Kong-based regional correspondent. In 1997, she received a Dow Jones Newswires Award for her coverage of the Asian financial crisis.
Ms. Liu earned a Bachelor of Arts from the University of Pennsylvania.
Hoang Bao “Henry” Nguyen is the Chairman of Phoenix Holdings, an investment company focused on operations in technology, retail/consumer, fintech, sports and media.
Prior to Phoenix, he also served as the Managing General Partner of IDG Ventures Vietnam, a private equity firm focused on consumer, technology, media, and telecom investments in Vietnam. In addition to these two roles, Nguyen is also the Developmental Licensee for all McDonald’s restaurants in Vietnam as well as the CEO of Timo, Vietnam’s first digital banking service and leading neobank in Vietnam. With a deep passion for sports, he established the Saigon Heat pro basketball team, which competes in the ASEAN Basketball League (ABL), and the Vietnam University Games (VUG), the country’s official organizer of university athletics. He is also the Chairman and Founder of the VBA (Vietnam Basketball Association), the country’s premier professional basketball league.
He also serves as the current President of the Vietnam Basketball Federation (VBF). In addition to his sports activities in Vietnam, Mr. Nguyen is the Founding Owner and Vice Chairman of the Los Angeles Football Club (LAFC) in Major League Soccer (MLS). As a deep advocate for the improvement of education in Vietnam, he has served as a founding board member of British University Vietnam. Mr. Nguyen is also a Founding Trustee of Fulbright University Vietnam (FUV), the country’s first private, not-for-profit institution of higher learning. Mr. Nguyen has served on the Board of the American Chamber of Commerce in Vietnam, and he is currently a member of the Advisory Board of ASEAN Business Club, the regional business platform to support Southeast Asian economic integration.
He earned his BA (Magna cum Laude) in Classics at Harvard University, and his MD and MBA from Northwestern University Medical School and the Kellogg School of Management.
Alexis Horowitz-Burdick is a serial entrepreneur and C-suite executive with global experience at the intersection of consumer products and technology.
A successful ecommerce entrepreneur in Southeast Asia, she brings a founder’s mentality to our team. Prior to starting her entrepreneurial journey, Ms. Horowitz-Burdick served as Director of Asia Pacific for Frontier Strategy Group based in Singapore, from 2007 to 2010. From 2010 to 2011, she founded TheSweetSpot.com, which was Singapore’s first high end group buying website which she exited to a competitor in 2011. In 2011, Ms. Horowitz-Burdick founded a beauty ecommerce startup Luxola.com and served as CEO. Founded with a vision to be the leading e-retailer of beauty brands in Southeast Asia, she raised more than $15 million from leading venture capital firms in Southeast Asia and led the expansion of Luxola to carry more than 4,000 beauty products across 12 markets in Asia-Pacific, and oversaw a company of more than 120 employees.
In 2015, she successfully sold the business to French luxury giant LVMH Group, cementing Luxola as one of the early successful ecommerce ventures born in Southeast Asia. After the sale, Ms. Horowitz-Burdick worked for the LVMH Group from 2015 to 2018 as the Managing Director of Sephora Digital Southeast Asia (parent company EPA: MC) where she oversaw the launch and ongoing operations of Sephora’s digital and ecommerce channels across Southeast Asia, Australia and New Zealand, contributing significantly to LVMH’s outstanding overall results during that time.
From 2018 to 2010, Ms. Horowitz-Burdick joined the iconic LEGO brand to lead their venture capital business in their search for innovation beyond the brick. As the Managing Director of LEGO Ventures, she led investments globally, including an investment in Super Awesome which was later acquired by Epic Games.
After departing LEGO Ventures in 2020, Ms. Horowitz-Burdick remains an Advisor to KIRKBI A/S, which is the single-family office of the LEGO owner. Ms. Horowitz-Burdick holds an MA in Political Science from San Francisco State University.
Alan Hellawell is currently a Venture Partner at Alpha JWC, a leading venture capital firm in Indonesia, and has been intimately involved in the Asian internet and ecommerce space since 1995.
He has served in a variety of leadership positions, both within industry in operational positions, and as the head of TMT research in investment banking. Mr. Hellawell most recently served as Sea Ltd’s (NYSE: SE) Group Chief Strategy Officer, based in Singapore; with responsibilities for key partnerships, in-bound and outbound investment and M&A, investor relations and other areas. In particular, he helped lead Sea’s IPO on the NYSE in October 2017.
Sea Ltd is now Southeast Asia’s largest listed technology company by market value with a market capitalisation exceeding US$100 billion at the time of writing. Mr. Hellawell has worked regularly with management across other leading global platforms such as Alibaba, Tencent, Google, Facebook, Amazon and Paypal, in addition to the region’s leading PE, VC and investment banking firms.
Prior to this, he managed Deutsche Bank’s Asia TMT research group for 11 years based in Hong Kong. He supported many of China’s largest internet companies from their early, private stages through IPO and beyond. He maintains long running “CxO-level” relationships with dozens of leading names in the TMT space. Prior to his role at Deutsche Bank, Mr. Hellawell held positions at Lehman Brothers, Lucent Technologies, and Netscape Communications.
He graduated from Stanford University with a master’s in business administration and Masters in East Asian Studies. He also holds a Bachelor of Arts in History from Princeton University.
Doris Ng Sock Meng has over 30 years of international private equity and investment banking experience. She is currently the Founder and CEO of Qian Capital, a Hong Kong headquartered strategic consultancy that provides advice in business development, capital raising, change management and cross border expansion activities to select private client groups in East Asia.
Prior to Qian Capital, Ms. Ng was a Managing Director at a regional middle market private equity firm AIF Capital from 2009 to 2018, where she was responsible for strategic initiatives and business development activities that included deal sourcing, capital raising, corporate communications and strategic relationship development. Prior to that, she was Managing Director at Macquarie Capital in Hong Kong responsible for their infrastructure sector and Greater China funds activities where she led teams in pitching for capital raising, restructuring and asset acquisition transactions, regulatory consultations as well as negotiating and establishing joint ventures in China.
Ms. Ng was founding vice chairman of a Sino-foreign joint venture with CITICS and represented Macquarie on boards of various group and portfolio companies in China and Hong Kong. She also served on various Macquarie committees including CEO’s China Think Tank, Asian ECM Committee, Global Aviation Team, Greater China Coordination Committee and Macquarie Foundation. Ms. Ng joined Schroders plc upon graduation where she spent ten years in structured debt and equity capital markets in Southeast Asia, Europe, and North America. She came to Hong Kong in 1998 with Credit Agricole Indosuez and held various leadership positions in the Hong Kong branch and regional head office including senior coverage banker, Greater China Executive Committee member and Regional Head of Product Development, Asia Pacific.
Ms. Ng graduated with a BBA from the National University of Singapore, and has lived and worked in Singapore, London, New York, Hong Kong, and Beijing.