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GENERAL TERMS AND CONDITIONS

By accepting these general terms and conditions ("GTC") as set out below, you acknowledge them being the mutually agreed legal basis for your visit of and the use of this website. Whereas the term "website" includes all content and data provided and all sub- and micro-sites of this website. Further, as a user of this website, you acknowledge, that you are responsible for ensuring that the legislation applicable to you in your jurisdiction permits you to consult this website and you represent and warrant that you have the necessary means and skills to access this website and use it in the intended manner only. These GTC are subject to changes without prior notice. If any of these GTC are judged to be illegal or unenforceable, the continuation in full force and effect of the remainder of them will not be prejudiced. Opinions on this website are the judgement of ASCENDER CAPITAL LIMITED at the time specified and may be subject to change without prior notice, they are not to be relied upon as authoritative or taken in substitution for the exercise of your judgment and are not intended to provide the sole basis of evaluation of any strategy or financial instrument referred to herein. ASCENDER CAPITAL LIMITED is not obliged to update or alter the information or opinions published on this website.
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EXCLUSION OF LIABILITY

ASCENDER CAPITAL LIMITED including its parent companies, subsidiaries, associated entities, directors, employees, representatives or suppliers, does not accept any responsibility arising in any way for errors in or omissions from the information on this website and does not accept any liability for any loss or damage as a result of any person relying on any information on this website including any information provided by any third parties or by any inability to access this website at any time, except in the event of intentional or serious default on its part.
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IMPORTANT NOTES FOR INVESTORS

ASCENDER CAPITAL LIMITED manages two funds, namely, Ascender Capital Global Value Fund and EQUUS INVESTMENT SICAV. These two funds are subject to different selling restrictions. Details of the restrictions and underlying risks can be found in the prospectus, offering document or other information of the funds.
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SOURCES

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HYPERLINKS

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INTELLECTUAL PROPERTY RIGHTS

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ELECTRONIC MAIL FUNCTION

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APPLICABLE LEGISLATION AND JURISDICTION IN LAW

Your access to, visit to and / or use of this website and these GTC are governed by and will be interpreted in accordance with laws of Hong Kong SAR. The courts of Hong Kong SAR shall have exclusive jurisdiction regarding any dispute in this regard, notwithstanding the fact that ASCENDER CAPITAL LIMITED may choose another court that has jurisdiction regarding a similar dispute in accordance with an applicable provision of legislation. * ASCENDER CAPITAL LIMITED is located at 3001 W50, 50 Wong Chuk Hang Road, Hong Kong and regulated by the HKSFC (CE Number: BAI353).

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About us

We are entrepreneurs and former business operators having lived and invested in Asia for many years.

Our story

We meet about 100 management teams across the region and have built a local team, allowing us to exploit non-English disclosures.

Thanks to our entrepreneurial background, we tend to dig deeper in companies’ strengths, organizational structures as well as growth and profitability drivers. As a large number of listed companies are still led by the founding family or team, our similar professional DNA allows us to build relationships and engage with management on potential improvements, particularly in terms of capital allocation and corporate governance.

Our diverse portfolio shares common characteristics. While we are generalists, we like business and consumer services sectors with capital-efficient and cash-flow generative companies. We favor businesses with strong and stable market shares, as a clear evidence of competitive moat or superior execution, and with profitability protected from market cycles, even when servicing a cyclical sector. 

We are the largest investor in our funds ensuring the right alignment with external investors that have entrusted Ascender Capital to manage part of their capital.

Our history

2012

Firm
Inception

inception of Ascender Capital in Hong Kong and launch of first fund (AGVF)

2017

UCITS
launch

Strategy offered as a UCITS fund (EAAVF)

2019

AsiaHedge
Awards

AGVF voted Winner in Asia Hedge Awards (Asia inc. Japan)

2021

Cayman
long-only

Launch of a fully-invested, long only fund (AAF)

2023

AsiaHedge
Awards

AGVF nominated in Asia Hedge Awards (Asia inc. Japan)

2024

AsiaHedge
Awards

AGVF nominated in Asia Hedge Awards (Asian equity)

Meet our team

Edouard Mercier
Partner and co-CIO

Prior to founding Ascender in Hong Kong in 2012, Edouard had a successful career as an entrepreneur. He co-founded Sendit AB, a Swedish telecom software company, that was acquired by Microsoft in 1999. He then set up and managed Microsoft’s Mobile Internet Business in Asia. In 2002, he became the lead investor and CEO of Incomit AB, which was later acquired by BEA Systems (Oracle). Since 2005, Edouard has been an active investor across private and public markets, co-founding Piton Capital in 2009 and Ascender Capital in 2012. Edouard holds an MSc in Telecommunications Engineering from the Swiss Federal Institute of Technology (ETH Zurich) and an MBA from INSEAD.

Jean-Charles Tisserand
Partner and co-CIO

Jean-Charles joined Ascender in early 2020 with over 20 years of experience as an investor and finance executive. He started his career in investment banking with Merrill Lynch before joining European private equity firm Doughty Hanson, where he led leveraged buyout investments in the French market. Jean-Charles moved to Hong Kong in 2013 and invested in the quality control company Qima (formerly AsiaInspection), assuming the newly-created CFO position. At Qima, he led the group’s international expansion through acquisitions across Asia, Latin America and the US, accelerating growth and institutionalizing the business before it was acquired by a private equity firm. Jean-Charles holds a Master in Finance from HEC Paris.

Jiayi Zhang
Investment Analyst

Jiayi joined Ascender Capital as an Analyst in early 2020. Prior to Ascender, Jiayi was an Investment Analyst at Seiga Asset Management and Snow Lake Capital, where he covered China-focused public equities from 2012 to 2019. Jiayi started his career as an Investment Banking Analyst with J.P. Morgan in Hong Kong from 2009 to 2011. He graduated from Wesleyan University, with a BA in Economics and Physics. Jiayi is fluent in Mandarin and English.

Dominic Koh
Investment Analyst

Dominic joined Ascender Capital in August 2025. Prior to Ascender, Dominic pursued investment internships across both public and private markets, including with G42, Temasek Holdings and Marshall Wace. He holds a BBA in Finance from the National University of Singapore. Dominic is fluent in English and Mandarin.

Ricky Pang
Fund Accounting and Operations Manager

Ricky joined Ascender Capital in November 2021. Having previously worked at Sterling Private Management Limited (a prominent HK based family office) and RBC Investor Services, he has over eleven years of experience in fund and investment operations. He Is a qualified accountant and holds a Bachelor of Commerce from Macquarie University, Sydney. He speaks fluent Cantonese and English, as well as conversational Mandarin. 

Nana Yasuda
Consultant

Nana works closely with Ascender Capital as an interpreter. She currently serves as the CEO of iProfess Partners, LLC, offering translation, interpretation and IR consulting services around the globe. She also is the Technical Director for the Japanese Institute of Certified Accountants (JICPA). Nana is a US CPA and has over 10 years of working experience with Deloitte Touche in Japan and the U.S. In particular, she has extensive knowledge and experience in the field of auditing, M&A financial due diligence and IFRS. Nana graduated from Keio University in Tokyo, Japan, with a BA in Economics. Nana is fluent in Japanese and English.