Richard Ong
Richard Ong Tiong Sin | |
|---|---|
| Born | 1965 Malaysia |
| Occupation(s) | Entrepreneur, investor |
| Years active | 1986–present |
| Known for | Founder, chairman and CEO of RRJ Capital; co-founder and head of Hopu Investment Management; former partner and co-president of Goldman Sachs Singapore branch |
Richard Ong Tiong Sin (born 1965) is a prominent Malaysian entrepreneur and investor. He established, chairs, and serves as CEO of RRJ Capital, recognized as one of Asia’s leading private equity funds. Additionally, Richard played a pivotal role as co-founder and head of Hopu Investment Management, a private equity firm based in Beijing.
Early career
Ong initiated his journey in finance working for three years in mergers at Chase Manhattan Bank, followed by a one-year tenure at Prudential Bache International.
Goldman Sachs
In 1993, Ong joined Goldman Sachs, achieving partner status by 2000 and subsequently becoming co-president of its Singapore branch. By 2006, he was elevated to co-head of Asia investment banking and relocated to Beijing to oversee Goldman Sachs Gao Hua Securities, the firm’s joint venture.
Nonetheless, Ong was unable to assume the CEO position due to failing a Chinese language examination required by the China Securities Regulatory Commission (CSRC). Although many executives were granted exemptions, Goldman appointed deputy CEO Zha Xiangyang instead. This decision drew criticism from industry experts who labeled the CSRC’s stance as "short sighted and xenophobic," underscoring difficulties faced by overseas Chinese leaders operating within mainland China.
An editorial in China Economic Review argued that the language requirement served as a pretext, pointing to concerns about Ong’s connections with Singapore’s sovereign wealth fund Temasek Holdings and his role in the contentious sale of former Thai prime minister Thaksin Shinawatra's Shin Corporation to Temasek.
Hopu Investment Management
After fifteen years at Goldman Sachs, Ong resigned in January 2008—a notable departure for the company. Initially intending to return to Malaysia for personal and professional reasons, he soon partnered with former Goldman executive Fang Fenglei at Hopu Investment Management, a China-focused private equity firm founded by Fang. Goldman Sachs invested approximately US$300 million into the fund, while Temasek contributed US$1 billion. The fund aimed for US$2 billion but attracted interest beyond this target. However, by 2010, Hopu announced it would not pursue a second fundraising round and began its wind-down process.
RRJ Capital
Founded by Ong in March 2011, RRJ Capital operates as a private equity firm with offices in Hong Kong and Singapore. The firm has successfully raised substantial capital, including a $4.5 billion fund in 2015, positioning itself among Asia’s largest private equity entities. RRJ Capital has demonstrated strategic engagement with markets such as Malaysia under new governmental leadership.
Personal life
Ong is ethnically Chinese and was born in Malaysia. He holds a bachelor’s degree from Cornell University (1986) and earned an MBA from the University of Chicago in 1989. His brother Charles Ong, who previously served as chief strategist at Temasek Holdings, currently acts as co-CEO and co-chairman of RRJ Capital.
External links
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1966 births
- Living people
- Cornell University alumni
- Financial company founders
- Goldman Sachs people
- Malaysian chief executives
- Malaysian people of Chinese descent
- Malaysian expatriates in China
- Malaysian expatriates in the United States
- Malaysian investment bankers
- Malaysian investors
- Malaysian money managers
- Private equity and venture capital investors
- Temasek Holdings people
- University of Chicago Booth School of Business alumni