InfraRed NF has named former Blackstone and Park Hill Group executive Ong Chi Tuan as its new head of strategy and business development, according to an announcement by the Hong Kong-based real estate fund manager.
The Hong Kong-based firm, which was formed through a joint venture between London’s InfraRed Capital Partners and the parent company of Hong Kong developer Nan Fung Group, is bringing in the former principal of Park Hill Group’s Asia business to lead the company’s fund raising and investor relations.
Ong left his association with Park Hill Group after five years as a principal for the firm, which was spun off from Blackstone in 2015.
Taking the Lead in Capital Raising
In his new role Ong will work with CEO Stuart Jackson and Infrared NF’s senior leadership to expand the firm’s platform.
“His insights, experience and relationships will add significant value and complement what is already a strong team,” said Jackson, who has been chief executive officer at InfraRed NF since the firm’s establishment in 2007.
At his latest shop, Ong is joining a 13-year-old firm which has invested more than $1.75 billion across 23 transactions in Greater China, with a focus on value-add strategies and mezzanine financing.
As a combination of London-based private equity fund manager InfraRed Capital Partners and Vervain, a real estate investment firm founded by Nan Fung honorary chairman and controlling stakeholder, Vivien Wai-Wai Chen, Infra-Red has been active in niche sectors such as self-storage in both Hong Kong and mainland China, while also providing structured debt financing for residential projects in the region.
InfraRed NF Builds Team in Hong Kong and Shanghai
“Asia, and Greater China in particular, holds enormous opportunity for investment and partnership and I look forward to working with the team to take advantage of the exciting growth opportunities we are seeing,” Ong said in the company statement.
Prior to his time with Park Hill Group and Blackstone, the National University of Singapore graduate was an associate in HSBC’s real estate group from 2010 until 2013, where he was responsible for investment banking transactions for clients in Greater China.
The real estate investment specialist also spent a year with CapitaLand, between 2008 and 2009, as a retail property investment and asset manager with the state-backed Singaporean conglomerate.
InfraRed NF, which brought in two senior level hires for its Shanghai office just under one year ago, has recruited Ong soon after executing around $150 million in transactions.
In February, the investment manager closed a $92.2 million mezzanine financing deal with Hong Kong-listed developer Fullsun International to fund a luxury residential project in Hunan, and then last month InfraRed NF confirmed that it had successfully completed its $55 million acquisition and expansion of Hong Kong-based self-storage startup RedBox, in a deal first signed in 2018.
“Over the last 12 years we have built a high-quality institutional platform with extensive expertise in Greater China and a proven track record of delivering superior returns from value-add and mezzanine financing,” said Jackson.