Temasek’s Heliconia Capital awaits MAS approval for new CEO after departure of Derek Lau

[SINGAPORE] Temasek-owned Heliconia Capital Management is awaiting regulatory approval for a new chief executive, some four months after the retirement of its long-time chief Derek Lau.

The appointment of Lau’s successor has been approved by Heliconia’s board but is pending approval from the Monetary Authority of Singapore (MAS), a spokesperson for the private equity firm said in response to queries from The Business Times.

Lau, who had served as Heliconia’s chief executive since 2013, retired in March. Upon his departure, Heliconia’s board approved the formation of an interim executive committee, said the spokesperson.

She declined to share details on the new chief executive, how long the appointment process has taken or the reasons for the duration taken to find Lau’s replacement.

“We thank (Lau) for his service and wish him a fruitful retirement,” the spokesperson said.

Lau is currently listed as a director of the Singapore Sports Hub on its website, as well as the founder of another company, Three2one Holdings. He is also a member of the listings advisory committee of the Singapore Exchange.

Set up in 2010, Heliconia provides growth capital to Singapore small and medium-sized enterprises to help them expand abroad. It has about 25 portfolio companies in Singapore, most recently backing logistics player Sin Chew Woodpaq.

Heliconia’s past investments include gaming chair maker Secretlab and combat sports outfit One Championship, where Lau was previously a director, but later resigned.

“Over the years, we have balanced our portfolio and realised gains from the exits (and) divestments from some of our investments,” said the Heliconia spokesperson.

Such investments include Singapore-listed Nanofilm Technologies International, seafood restaurant chain Jumbo and gaming peripherals maker Razer.

In a 2021 interview with BT, Lau said that Heliconia was hunting for deals in new consumer trends, especially product companies with strong branding and user communities.