The India and southeast business is called Peak XV Partners, and already has an office in Singapore.
The China-based unit, called HongShan, is reportedly planning to start an office here, reported the Financial Times on July 9.
HongShan, which has an AUM of US$56 billion, is “meeting lots of private capital investors and talking about doing deals and other opportunities here”, said a Singapore-based rival who spoke to the FT. “[They] have asked to keep [it] quiet for now."
The China unit, managed by Neil Shen, led early investments in Alibaba and ByteDance. Both companies have an extensive and growing presence in Singapore.
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FT, citing a person who spoke to HongShan executives, said it could tap into growing demand from Chinese founders to set up operations there and rebrand itself as Singapore-based.
This move has been dubbed “Singapore-washing”, according to the FT, referring to Singapore's neutrality between US and China.
In response to the FT, HongShan said there's a “strong foundation of trust” with PeakXV and there would be opportunities for both teams to collaborate.
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“HongShan’s focus continues to be partnering with Chinese founders and supporting them on their globalisation journeys,” the FT reported.
Referring to HongShan, Peak XV said: “The opportunities for collaboration are far greater than the scope for competition.”
