Timah Partners, a Singapore-based permanent holding company focused on acquiring and operating essential businesses, has raised $50 million in Series A funding to acquire and operate recurring revenue-generating SMEs across Southeast Asia.
The round drew participation from a notable group of backers, including influential founders and investors behind long-term holding companies and private equity firms.
Among them were Mitch Rales (Danaher), Nick Howley (TransDigm), and Alex Behring (3G Capital), as well as Will Thorndike and Kent Weaver from Compounding Labs, Rick Buhrman and Paul Buser from Sator Grove. Senior professionals from firms such as Insight Partners, Norwest, TCV, and Tiger Global also joined the round.
Timah positions itself as a long-term owner and operator of essential B2B SMEs with EBITDA ranging from $2 million to $10 million, offering full exits to retiring founders. Unlike traditional private equity or search fund models, Timah uses a permanent capital base and does not intend to sell acquired businesses. Instead, it seeks to grow and operate them over the long term.
“We’re not buying to flip,” said Dennis Chua, founder and CEO. “We acquire businesses to operate and grow them over decades, with no pressure to sell. Our investors built some of the best holding companies in the world, and we’re applying those lessons here in Southeast Asia.”
Chua, a Singaporean and former executive at firms including 3G Capital, Goldman Sachs, Tiger Management, and D.E. Shaw, launched Timah this year after returning from the U.S. with a mission to solve the region’s growing SME ownership succession gap.
In Singapore, SMEs employ over 70% of the workforce. The population aged 65 and above is set to double over the next two decades, yet many owners nearing retirement lack formal succession plans. Timah aims to address this through both acquisition and leadership development.
As part of that effort, the company has launched a CEO-in-Training (CIT) programme to fast-track emerging operators into C-suite roles across its portfolio, which is inspired by similar programmes at Alpine Investors and Shore Capital.
“Singapore’s SME succession problem isn’t just about ownership—it’s about leadership,” said Chua. “We’re building a talent pipeline of operators who are excited about ownership and want to roll up their sleeves to run great real businesses.”
Timah is also supported by a board and advisory group that includes senior leaders from DBS Bank, Grab, Quantedge, Union Energy, Singapore Land Authority, JTC Corporation, the Singapore Government, and the National University of Singapore.
