Headquartered in Sydney, with offices in Hong Kong and Beijing, Wattle Hill RHC is a private equity fund focused on investments in quality Australian businesses that offer products and services in demand by Chinese consumers. Wattle Hill RHC identifies leading enterprises that will benefit from China’s economic growth and development then helps them prepare for and navigate Chinese market entry and expansion. Wattle Hill RHC is one of the only investment firms with a defined concurrent focus on the Chinese and Australian markets. ​

Wattle Hill RHC established its Australian fund in March 2016 with two of the largest insurance groups from China and Europe, as well as family-office investors from China’s leading private e-commerce and FMCG companies. Wattle Hill RHC’s Investment Committee includes one of Australia’s most respected investors, Ashok Jacob of Ellerston Capital, and Riverhead Capital, the private equity arm of Sunshine Insurance Group, one of China’s largest privately-owned insurance groups with over 35 million direct policy holders.​


Wattle Hill RHC was founded by Albert Tse and Lisa Fang, both Australian educated and highly regarded cross-border investment professionals between Australia and China, with significant experience across M&A, IPO and principal investments.

The Wattle Hill RHC team consists of investment personnel with Australian and Chinese education and professional backgrounds, forming an experienced team to bridge the business and cultural gap between the two countries. We assist the Fund's portfolio companies to fully understand and navigate the Chinese market through our in-depth knowledge and the help of our strategic partners and investors.

Albert Tse
Founding Partner

Born in Hong Kong and raised in Brisbane, Australia, Mr Tse is one of Australia's pre-eminent cross-border investment principals.

Mr Tse was the former Legal Representative of Macquarie Group in Beijing and led transactions including the historic $22.1bn Hong Kong and Shanghai initial public offering of the Agricultural Bank of China in 2010. Prior to working in China, Mr Tse worked in London for Macquarie Capital, focused on European infrastructure, as well as at PricewaterhouseCoopers in Australia where he qualified as a Chartered Accountant. Mr Tse is also admitted as a solicitor of the Supreme Court of Queensland.

Lisa Fang
Founding Partner

Born in China and educated in Sydney, Australia, Ms Fang is an experienced private equity investor with over 15 years of private equity, investment banking and legal experience in Australia, Hong Kong and China. She has extensive experience in investments into consumer products and services companies in Australia and China.

Ms Fang has previously worked with Goldman Sachs, Macquarie Capital, APG Investments Asia and Wilson Sonsini Goodrich & Rosati in Australia and Hong Kong.

Ms Fang holds a Bachelor of Commerce and Laws from the University of New South Wales, postgraduate law certificates from Australia and Hong Kong, and is a qualified solicitor in both.


Aside from Mr Tse and Ms Fang, the Fund’s Investment Committee includes one of the most respected investors in Australia:

Ashok Jacob

Mr Jacob is the Executive Chairman of Ellerston Capital, one of Australia’s most highly-regarded specialist investment firms, where he has overall responsibility for the investment activities. He has served as the company’s Director and as CIO since inception.


With over 30 years investment experience in public and private equity, Mr Jacob has managed a diverse portfolio of operating interests included controlling investments in broadcasting, publishing, entertainment, technology and media, gaming and leisure, financial services, asset management, pastoral holdings and agriculture investments.

Wattle Hill RHC Funds