Good evening Ming Kian, Kheng Nam, Kee Lock,

Friends, colleagues, distinguished guests,

Ladies and gentlemen,
 

Vertex was born 30 years ago, because one man was fond of asking:

“Why not? Why not? Why not?”

Philip Yeo

Friends of Philip Yeo nicknamed him “Why not? Why not? Why not?”. His iconic challenge of the three “Why Nots” fired up a bunch of wide-eyed youngsters to go change the world and make it better.

Lee Kheng Nam

One of those youngsters was Lee Kheng Nam, the founding CEO of Vertex, as you heard just now.

Vertex was given an initial capital of S$60 million, a goodly sum in 1988. That’s about US$35 million then.

12 years later, in 2000, Kheng Nam delivered over S$1 billion¹ of value. This was over five times Vertex’s total capital².

But alas, as you heard from Ming Kian just now, it was the dot-com era, and the bubble soon burst. The Vertex portfolio was almost decimated, and no one believed that Vertex would be able to bounce back.   

Cheo Hock Kuan

No one, except, of course, for one tenacious and persistent lady, called Cheo Hock Kuan.

Hock Kuan believed that there was still a place and role for Vertex as a VC firm. She kept in touch with Kheng Nam through the difficult years. She was also a tireless champion within Temasek to revive Vertex.

After seeing Vertex through its darkest year in 2002³, Kheng Nam retired as CEO in 2004. He later took on the role of Chairman Vertex in 2008.

Supported by Hock Kuan, Kheng Nam went looking for a new CEO to take Vertex forward into its next phase. 

Hock Kuan was, and still is, a talent spotter – she was never afraid to invest years to persuade the right people to take on new challenges in the Vertex family. Two of them were key to the rebirth of Vertex.

Chua Kee Lock

The first was Chua Kee Lock. Kee Lock joined Vertex as CEO in 2008 – right in the middle of the global financial crisis.

But Kee Lock is a cool hand. He was calm but incisive, and brought with him a good mix of both operating and VC experience.

Under his steady leadership, Vertex regained the trust of its key LP, and rebuilt its franchise in Israel, China and the US, especially in the IT, deep tech and healthcare sectors.

Teo Ming Kian

The second key man was Teo Ming Kian. Ming Kian had already retired from the Civil Service in 2012, and was enjoying his new role as a grandfather in Dallas.

That didn’t stop Hock Kuan! With Kheng Nam’s support, she chased him down, and cajoled him to come out of retirement to head and chair Vertex. 

Ming Kian brought with him a curiosity of mind – he championed research and researchers. He was forever trying to connect the dots in new and creative ways. Ming Kian is also unfazed by the risks in venture investing. As Chairman, he created more elbow room for the Vertex team.

Tow Heng Tan and Dilhan Pillay Sandrasegara

Over at Temasek, Tow Heng Tan and Dilhan Pillay Sandrasegara were among the godfathers of Vertex. You know by now that Hock Kuan is the godmother. Tow had worked closely with Hock Kuan in the late 2000s, to revive Vertex in its VC role. Dilhan actively and proactively supported Vertex to spread its wings in the more recent years.

Vertex Today and Tomorrow

Today, Vertex manages close to US$2.5 billion. More importantly, it has given a hand up to many startups and young companies around the world.

Early Vertex pioneers, like Yoram Oron, are back in the fold, both as key leaders for Vertex, and also as valuable intellectual partners for the Temasek family.

Kheng Nam is playing a different role as deputy chairman, always with a heart for Vertex. Stalwarts like Chua Joo Hock have flown the flag through thick and thin.

Vertex has regained its mojo. A big kudos to everyone, past and present, for your contributions in various ways, to shepherd Vertex to its 30^th birthday.

No doubt the folks in Vertex are already planning for their next milestone of a US$5 billion portfolio! I am confident that the Vertex team will spawn many more successes yet again, in the world of tomorrow. I would assure the Vertex team that I am not putting any pressure on them.

The UN SDGs and our ABC World

Friends, Ladies and Gentlemen,

We are gathered here today to celebrate a key milestone for Vertex. But, we are also here, because we share a common dream for a better world of hope and opportunities for everyone. That was why Vertex was set up in the first place.

Indeed, many Vertex-backed companies have made their own contributions to a better, smarter and more connected world, a brighter and more inclusive world.

So before I close, I would like to seek your indulgence to share some thoughts on the United Nations Sustainable Development Goals⁴, or the UN SDGs for short.

These UN SDGs are goals for a better world in 2030 – a world of Active and sustainable economies – that’s ‘A’; a world with Beautiful societies and inclusive communities – that’s ‘B’; and a world with Clean waters, clear air, and cool earth –  that’s ‘C’. We have signposted the 17 UN SDGs as the ABC World of 2030.

2030 – that’s just 12 years from today.

You all must have also heard of the recent Climate Change report.
 

Friends, Ladies and Gentlemen,

Shall we waste precious time debating the UN SDGs, or nitpicking the details of the Climate Report? Or shall we make a “no regret” choice today?  

Why quarrel over whether climate change will materialise in 15 or 50 years?

Why not choose today, to commit to do one thing, to help make a better world? 

We can choose to do the right thing, even when no one else is looking, or doing. We can do this as individuals, as companies, or as members of Mother Earth. We can choose to turn hope for a better world into reality.

I look forward to each of us, on this happy occasion, to decide to make at least one commitment well before 2030. It can be as simple as a commitment to reduce food or other waste, or as tough as halving our meat intake. Let’s do our part for a clean, cool and sustainable Earth.

Likewise, have your companies take a look at the 17 UN SDGs, and commit to at least one goal for a better world.

Thank You

Friends, Ladies and Gentlemen,

Thank you for giving me time tonight to make a plug for the ABC World of the UN SDGs.

I congratulate Vertex and its family of friends and supporters on this happy 30^th anniversary.

And I wish all of you, the joy of friendship this evening, and the excitement of a better world tomorrow. 

Thank you.

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Footnotes

¹ Over US$600 million in 2000, including dividends and distributions to its parent.

² S$200 million or US$119 million of total capital invested in Vertex as at 2000.

³ Net asset value (NAV) of S$310 million or US$179 million at year end, versus capital of S$300 million, as at 2002.
(NAV marked at cost of investment less impairment, and including dividends to parent.)

⁴ Endorsed by the United Nations and 193 members in 2015.