Team

Mary Ann Tsao is the Chairman and Founding Director of the Tsao Foundation, a Singapore-based – but regionally oriented – non-profit operational foundation dedicated to aged care and ageing issues. Previously, she was also its CEO and President.

Tsao Foundation aims to address issues of population ageing, promote successful ageing and enhance wellbeing of older people at policy and practice levels by catalyzing constructive change.

Dr. Tsao has served on numerous boards and committees of government and non-profit organizations in Singapore as well as internationally. She currently chairs the advisory board of Duke-NUS’ CARE (Centre for Ageing Research and Education). For her work on ageing, she received the Public Service Medal (PBM) in 2000, Public Service Star (BBM) in 2004, and Public Service Star (Bar) in 2015 from the government of Singapore.

Dr. Tsao has also worked with numerous multilateral agencies, such as World Health Organization Geneva office’s Ageing and Life Course unit, and has been a resource person and technical advisor to other United Nations agencies, such as UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific) and the ASEAN Secretariat.

A member of a business family, Dr. Tsao is also involved with FBNA (Family Business Network Asia) as a Board Director as well as various family business and non-profit projects.

Born and raised in Hong Kong, Dr. Tsao is a US trained physician with a public health background, specializing in community and primary care planning and social medicine. She has extensive experience working with disadvantaged communities in the US and Singapore.

Chavalit Frederick Tsao is the Chairman of IMC Pan Asia Alliance Group (IMC Group) and President of the Family Business Network (FBN) Asia. The family business started in the Shanghai Bund before 1906. Mr. Tsao joined his family business at twenty years old after he graduated from the University of Michigan with a Master of Science in Engineering (Industrial and Operations Engineering) and a Bachelor of Science in Engineering (Navel Architecture and Marine Engineering). In 1995 and at the age of thirty-eight, Mr. Tsao took over the helm from his father, Tan Sri Frank Tsao, to become the fourth generation steward of the family business. Under his leadership as Chairman of the IMC Group, he transformed the traditional shipping company into a multi-national conglomerate with four strategically diversified business areas in more than 17 countries.

​Mr. Tsao has served on numerous maritime and non-profit organisations. Notably, he served for seven years as Chairman of Intercargo, an international dry cargo shipping organisation. He also created a number of platforms to promote collaboration between the maritime industry, regulators and related non-profit organisations. At present, he remains an Executive Committee member of Intercargo.

Wai Chiew has over 25 years of experience in global investment management and strategic business development, actively leading various companies on transformational growth strategies, fundraising and M&A. In his previous roles at Temasek and other funds, he has led and managed investments across multiple industries and geographies, deploying capital for institutions as well as multiple family offices.

Since joining Heritas Capital, Wai Chiew has expanded its private equity investment portfolio and initiated venture capital, fund-of-funds, and impact-first investments into healthcare, education, environment, and technology sectors globally. In line with Heritas’ “invest with purpose, impact across generations” investment philosophy, he has overseen the integration of Environmental, Social and Governance (ESG) considerations and impact investment mandates while building up Heritas’ multi-fund impact investment platform.

Wai Chiew was awarded the Glaxo-EDB scholarship and holds a BA in Economics from University of Cambridge, UK; MA from Yale University, USA; and completed his EMBA (conducted in Mandarin) from Cheung Kong Graduate School of Business, China. He has served as Honorary Treasurer with the Singapore Venture Capital and Private Equity Association (SVCA), and currently serves as a member of its ESG committee. Wai Chiew also actively serves as a director on multiple boards to advocate sustainable growth and sound governance.

Helge is the Chief Sustainability Officer at DBS. He is responsible for developing DBS’ overarching sustainability framework and driving ESG initiatives across the bank. He also chairs the DBS Sustainability Council, which comprises senior leaders across business and support units.

Prior to joining DBS, Helge was Head of Asia Pacific, Sustainable Finance and Global Capital Markets at ING, where he worked for 10 years. In this role, he successfully grew the bank’s regional business of sustainability-related advisory services and sustainable finance transactions across products. He was also part of ING’s global Sustainable Finance and Capital Markets management teams as well as the bank’s global Sustainable Finance Quality Board. Before that, he spent more than 12 years in various roles at Deutsche Bank AG and UniCredit Group being based in different cities across Europe, the US and Asia Pacific.

He also represents DBS in several global and regional working groups such as the World Business Council for Sustainable Development, the Industry Advisory Panel of the ASEAN’s Joint Sustainable Finance Working Group and the MAS-convened Green Finance Industry Taskforce. He is also appointed as alternate director in Climate Impact X Pte Ltd, a Singapore based global carbon market and exchange.

Helge holds a Master’s Degree in Economics from Munich University (major in Developing Economics) as well as a postgraduate degree in sustainability from Cambridge University. He is also a CFA charter holder.

Dr Loke Wai Chiong joined the MOH Office for Healthcare Transformation (MOHT) in 2019, and leads both the Financing Redesign function and the Integrated Health Promotion programme that designs innovative and coordinated initiatives and toolkits for Healthy Precincts, ultimately to scale such solutions nationwide. These efforts entail inter-agency and multi-sectoral collaborations to design built and natural environments making them more health promoting; and to shift social norms through Movements for Health (M4H), Design for Impact (D4I) and other novel community activation initiatives, to make healthy living easier in every neighbourhood. At the height of the pandemic, his team developed and launched solutions for digital mental wellness, empowerment, self-management – such as mindline.sg – which has extended the impact into workplaces, youth, schools and hospitals. Wai Chiong’s other role in MOHT is to design financing strategies and incentives at the system level to support population health under capitation financing.

Prior to joining MOHT, Wai Chiong was Partner and Healthcare Sector leader for Deloitte Southeast Asia. As a management consultant in private sector, he advised governments, investors, life sciences companies, providers and payers globally.

Wai Chiong started his career as a practising Family Physician, before shouldering various hospital management and health policy leadership roles across public and private sectors. Wai Chiong graduated in Medicine from National University of Singapore (NUS), holds a Master in Family Medicine, Fellowships with the Academy of Medicine Singapore and the College of Family Physicians, and a Double MBA from the University of California (Los Angeles) and NUS.

Caroline is the Co-Founder & Director of B Lab Singapore and also the Chair of Jesuit Refugee Service Singapore. Her recognition of the importance of cross-sector collaboration led Caroline to venture into the family business, impact and non-profit space after two decades in MNCs. Starting as a Systems Engineer with IBM, her last ‘corporate’ role was Head of Marketing, Apple Asia Pacific.

Today Caroline volunteers in the intersection of business, purpose, and social justice. Caroline is an advocate of Certified B Corporations; for-profit companies certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. She is working with a team of founding B Corps to transform capitalism and build a more inclusive and regenerative society. Caroline’s community work includes time spent in Indonesia, Myanmar and Zimbabwe. She is the Chairperson of Jesuit Refugee Service Singapore and Ambassador and Contributor to the Cambridge Institute of Sustainability Leadership.

Janet has over 15 years of experience in early-stage and private equity investments, debt restructuring and business development across investment institutions, family offices, MNCs and start-ups. Having co-founded an education technology start-up and been the pioneering member of a health technology start-up, Janet is passionate in the creation of new solutions and businesses that deliver positive and tangible impact to the people it serves.

Prior to joining Heritas Capital, she was previously with Affinity Equity Partners executing on public-to-private, leverage buy-out and growth capital transactions exceeding US$3 billion in Asia, and EDB Ventures investing and managing early-stage opportunities across education, technology and fast-moving consumer goods sectors.

Janet graduated with an MSc in Applied Finance from Singapore Management University and BBA (Hons) from the National University of Singapore.

Anselm joined Heritas to invest in and support founders who are building impactful companies. Prior to Heritas, Anselm was a Partner at Philips Ventures, where he launched and led health technology venture investing in APAC. He previously worked across private equity and finance roles with Standard Chartered, and began his career as an engineer with the Defence Science and Technology Agency (DSTA).

An active member in the community, Anselm is an advisor of the Singapore Deep Tech Alliance, and serves on evaluation panels for the funding of healthcare innovations. His work across corporate venture capital and private equity fund formation, and experience in risk and technology, help deliver a broad view on financing and growing companies.

Anselm is Singaporean, a qualified accounting professional and holds an Electrical & Electronics Engineering degree from Nanyang Technological University. He received professional education at Stanford and was educated in Chinese culture at Shanghai Jiao Tong University.

Bruno is currently Head of Finance for the IMC Industrial Group and has more than 20 years’ experience in investments, strategy and corporate finance in the Natural Resources sector both in Australia and overseas. He has worked for the IMC Group for the past 14 years and previously worked for Vale in Brazil and Rio Tinto in Australia in roles encompassing strategic planning, M&A and business development.

Bruno holds a Bachelor of Civil Engineering, MBA and is a CFA Charterholder. Bruno is an alternate director representing the IMC Group on the Board of Horizon Oil Limited (ASX:HZN).

Roy has more than 30 years of experience in finance, banking and investments across multiple sectors and geographies. In the first half of his career, he worked in Citibank, Schroders Investment Management, a Family Office and UBS Securities. He then co-founded and managed the RadLink Group, Singapore’s leading diagnostics and molecular imaging service provider, before divesting it to the Fortis Group. He also founded and currently managing The Institute of Arts & Sciences, a pan-Asia private school and edtech group.

​Roy also holds four professional titles, namely Chartered Financial Analyst, Chartered Alternative Investment Analyst, Chartered Financial Consultant and Chartered Life Underwriter, in addition to a Bachelor of Business Administration from the National University of Singapore.

Clifford is the Global Head of Investment Banking at DBS Bank, where he is responsible for the bank’s fixed income, equity capital markets and Vickers institutional equity brokerage businesses. This includes enhancing the unit’s existing deal execution capabilities and driving synergies across businesses to provide clients a more comprehensive solution-based approach that meets complex corporate finance and investment needs. He leads a team of over 200 capital market specialists in the areas of origination, syndicate, structured products, sale, credit and ESG advisory, with operations in leading financial hubs including Singapore, Hong Kong, China, Taiwan, India, Indonesia, Thailand, Taiwan, London and New York.

Clifford also sits on the investment committee of Muzinich Asia Pacific (APAC) Private Debt 1 – an Asia-focused private credit fund anchor-seeded by DBS – as one of the bank’s initiatives to establish its presence in Asia’s rapidly growing private markets.

An Asian banking veteran with more than three decades of experience, Clifford joined DBS Bank in 2004, where he went on to establish the bank as the only Asia-headquartered bond house operating across Asia in both G3 and select domestic currencies, with proven product competencies spanning straight bonds, perpetual bonds, convertible bonds and structured debt securities. Prior to DBS, he assumed senior positions in global institutions such as West Merchant/WestLB and BankBoston/FleetBoston to head regional syndicate, origination, structured finance and sales functions. Before those, he was the Global Head of Syndicate at Peregrine Fixed Income in 1995. Clifford started his career as a corporate banker with Citibank in 1991.

A believer of making capital markets more efficient and accessible through digitalisation, Clifford has led the launch of digital bond platforms such as the award-winning FIX Marketplace. He is also focused on making sustainable financing real and relevant in Asia, both in his capacity as a board member of DBS Foundation, which champions social entrepreneurship across the region to tackle social and environmental issues, and as an investment committee member of the Asia Impact First Fund.

In recognition of his leadership and contributions to the financial industry – including supporting the development of Singapore’s capital markets and finance professionals through his active involvement in the Institute of Banking and Finance Singapore’s (IBF) Capital Markets and Financial Markets Industry Workgroup – Clifford was conferred the title of “IBF Distinguished Fellow” in October 2022.

George was previously Managing Director at Morgan Grenfell (Asia) Limited, Merrill Lynch International Bank Limited, Sun Hung Kai Securities Pte Ltd and Lum Chang Securities Pte Ltd. He was also an Executive Director and Partner of Kay Hian Pte Ltd (now UOB Kay Hian Securities Limited). He has acted as a financial consultant to several private families and public listed companies, including Orchard Parade Holdings Limited and Provision Suppliers Corporation Limited.

​He has also been Executive Chairman of two public listed companies; one in precision engineering plastics and the other in audio and video produce and services which were re-organised and subsequently sold via takeover or reverse takeover. He has served as Independent Director and Chairman of the Audit Committee of various companies listed in Singapore and in Kuala Lumpur, Malaysia. After serving six years as Independent Commissioner and Chairman of the Audit Committee at PT Indosat TBK (listed on Bapepam Indonesia), he stepped down in June 2013.

​George also served as a Director and Chairman of the Board of Mount Alvernia Hospital for seven years and was its interim CEO from January to July 2013. Currently, he sits on the board of the National Cancer Centre’s Community Cancer Fund and Yoma Strategic Holdings Limited. He is also appointed as a Trustee for NCC Research Fund and member of the Governing Council of the Singapore Institute of Management.

Pau Lee has more than 15 years of experience in finance, human resources and administrative functions. She also has experience in fund administration for more than 10 years. Prior to joining Heritas Capital, she was with Tembusu Partners, responsible for fund administration, finance and human resource functions.

Pau Lee graduated with a Bachelor of Science in Accounting and Finance from University of London.

Aloysius is an experience compliance professional with close to 11 years of combined experience in auditing and consulting Financial Institutions (“FIs”) regulated by the Monetary Authority of Singapore (“MAS”).

Prior to joining Heritas, he was a manager at a consultancy firm and was responsible for the oversight, policy formulation and providing regulatory compliance advisory services to Fund Management companies and various other FIs.

Aloysius was also previously with Ernst and Young’s Financial Accounting Advisory Services Division as a Senior Associate.

Ludmilla has more than 10 years of experience in private equity fund accounting and administration. Prior to joining Heritas Capital, she was with State Street Fund Services for more than 6 years in a client-facing role, servicing APAC-based PE and FOF fund managers with a focus on fund accounting matters.

Ludmilla graduated with a Bachelor of Business (Accounting and Banking & Finance) from Monash University.

Prior to joining Heritas Capital, Jaryl was with Clermont Group, an international business group founded by New Zealand-born billionaire Richard Chandler, where he was responsible for portfolio management of the group’s leading healthcare assets, including execution of M&A transactions, organic growth strategies, on-the-ground operational improvements, and also provided macroeconomic insights to guide portfolio decisions. Jaryl was also previously with PricewaterhouseCoopers’s M&A Advisory covering post-merger integration, corporate finance and valuation services. At Heritas Capital, he is responsible for investment execution as well as driving portfolio management and divestments.

Jaryl holds a Bachelor (Honours) in Accountancy from Nanyang Technological University, is currently a Chartered Accountant of Singapore and a CFA Charterholder. Jaryl has also been awarded the CFA Institute Certificate in ESG Investing.

Marcus has more than 15 years of experience in research, strategy and operations within the Biotech and Medtech space. Prior to joining Heritas Capital, Marcus was part of the senior management team at Cargene Therapeutics, a Biotech start-up, where he managed business operations across three regions, and was involved in fundraising and strategic partnerships. Marcus was also previously the Technical Lead at Advanced MedTech, where he was responsible for building up the company’s in vitro diagnostic manufacturing capabilities for the manufacture of Singapore’s first direct COVID-19 RT-PCR test kit, which was registered in Southeast Asia, Australia and Europe.

Marcus graduated with a PhD in Biomedical Sciences from Harvard University and obtained his BSc. in Biochemistry from the University of Wisconsin-Madison, under full sponsorship by A*STAR’s National Science Scholarship. An accomplished scientist with publications in top journals such as Molecular Cell, he is also fluent in Intellectual Property management, having received the Graduate Certificate in Intellectual Property Law from the National University of Singapore.

Prior to joining Heritas Capital, Pornteera was with L.E.K. Consulting as a Senior Life Science Specialist where she was part of the consulting team providing strategy consulting to health care clients. Pornteera was also previously with a Singapore-based medical device company where she was responsible for commercialization and QA/RA.

Pornteera holds a PhD from National University of Singapore in Biological Sciences, an MBA from National University of Singapore and a BSc Biotechnology from University College London.

Prior to joining Heritas Capital, Wei Hao was with The Hongkong and Shanghai Banking Corporation (HSBC), where he was responsible for the execution of M&A transactions and equity fundraising for companies across Southeast Asia. At Heritas Capital, he is responsible for investments and portfolio management of a broad range of companies from early to growth stage companies across healthcare, education, and technology sectors in Asia-Pacific.

Wei Hao holds a Bachelor (Honours) in Business Administration from National University of Singapore with Highest Distinction.

Upon graduation, Li Wen joined Heritas Capital where she supports investment analysis as well as actively manages portfolios across healthcare, education and technology sectors within Asia-Pacific. Prior to joining Heritas Capital, Li Wen undertook internships with Ernst & Young’s Mergers and Acquisitions (Corporate Finance Advisory) and Citi’s Offshore Wealth Management.

Li Wen holds a Bachelor of Business Management with High Distinction (Magna Cum Laude) from Singapore Management University.

Upon graduation, JingJing joined Heritas Capital where she supports investment analysis, ESG / Impact policy research and analysis, and actively manages portfolios across healthcare, education and technology sectors within Asia-Pacific.

JingJing graduated from The London School of Economics and Political Science (LSE) with a Master of Science in Finance (Distinction), where her thesis was on “The Performance of Impact Investing Strategies and its Implementation Uses”. She also holds a Bachelor of Science in Economics and Management (First Class Honours) from King’s College London.

Prior to joining Heritas, Philip undertook internships with The FinLab, Paloe, Bank of Singapore and Jefferies.

Philip holds a Bachelor of Business Management with High Distinction (Magna Cum Laude) from Singapore Management University.