Case study · C5

China PE Fund Manager: 13U Relocation in 120 Days

Disclaimer

This case study is anonymized. Identifying details have been changed and the engagement described may combine multiple Anlian Group engagements with similar features. Outcomes are illustrative; individual situations vary.

Client profile

Industry: Private Equity / Investment Management
Origin: Greater China
Engagement period: Scenario timeline: 120 days from engagement to Section 13U operational
Size: Multi-strategy SFO with AUM substantially above MAS published 13U operating range

The situation

A Greater China private equity fund manager and his family decided to relocate the family-office investment vehicle to Singapore. The mandate spanned listed equities, private credit, and venture allocations — a multi-strategy profile suited to Section 13U rather than 13O. The principal targeted a 120-day operational timeline because of family-side considerations including children's school start.

The complication was the Section 13U substance bar: at least three qualifying investment professionals (with at least one non-family), a higher annual business spending floor than 13O, and the higher tier of local capital deployment. Building these in 120 days while passing MAS substantive review required parallel workstreams.

What we did

Step 1
Mapped the multi-strategy mandate against 13U substance conditions
We sized the planned investment professionals against the 13U three-IP requirement (at least one non-family), modelled the annual business spending floor against expected operating costs, and confirmed the local-deployment commitment fit the mandate.
Step 2
Incorporated the SFO and the fund vehicle in parallel with banking onboarding
ACRA incorporation of both Singapore Pte Ltds was completed in the first weeks. We initiated MAS-licensed private bank onboarding immediately because banking was the critical path for both substance and Designated Investments custody.
Step 3
Filed the Section 13U application with the substance package in place
The MAS Section 13U application was submitted with the structure chart, investment policy, AUM commitment, the three-investment-professional appointments, and the local-deployment plan. The package was complete at submission to avoid mid-review documentation requests.
Step 4
Coordinated personal residency and family relocation with school cycles
We worked with ICA on the personal residency side for the principal and immediate family. School placements for the children were finalised in parallel with the SFO operational ramp.

Outcome

Section 13U was awarded within the 120-day window. The SFO was operational with three investment professionals onboarded (one non-family). The fund vehicle held Designated Investments through the MAS-licensed private bank by end of the engagement period. Annual business spending was on track to meet the higher 13U tier in year one. The principal and family had settled in Singapore with school placements in place.

What this case illustrates

Section 13U at 120 days is achievable with parallel workstreams: ACRA incorporation, banking onboarding, IP hiring, and MAS application all running concurrently rather than sequentially. The substance has to be real at submission, not promised — a complete-at-submission package shortens review materially.

Could this be your situation?

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