The key executives of Croesus Group each have an average of 20 years of business, banking, corporate finance and capital markets experience with leading organizations.


    Co-Founder & Managing Director

    Mr Chang is the Chairman and Founder of Croesus International from August 2004 and Co-Founder of Croesus Merchants International from February 2010 and, with over 10 years of Asian real estate experience.

    Mr Chang began his career in 1990 negotiating sea port control rights, airline landing rights and strategic investments with foreign governments on behalf of the Evergreen Group. He rose to become Managing Director of the Group’s investment activities in 2001. From 1997 to 2005, Mr Chang led in the investments and management of Evergreen’s interests in real estate, transportation and infrastructure across Asia with extensive experience in managing Evergreen’s Asian hospitality, office and logistics real estate businesses. Mr Chang has been on the Advisory Board or an Advisor to leading Asian institutions and organizations, notably Taiwan High Speed Rail Corporation from 2004 to 2010 and Evergreen Group from 2007 to 2011.

    From 2007 to 2010, he managed a US$500 million residential real estate fund in Japan for Citi Property Investors. He partnered with and advised world class players on their acquisition strategy for two real estate portfolios totalling over US$2 billion of Asian hospitality assets in 2006.

    Mr Chang holds a Bachelor of Arts in International Studies from Temple University (Pennsylvania, USA).

  • Mr. Yong Chao Hsien Jeremy

    Co-Founder & Managing Director

    Mr Yong is currently a director of Croesus Group Pte. Ltd., Croesus Merchants International Pte. Ltd., Croesus Partners Pte. Ltd. and Evertrust Asset Management Pte. Ltd. He is a director of Jael Capital Ltd, a company incorporated in the British Virgin Islands.   

    Mr Yong is the group managing director and co-founder of Croesus Merchants International Pte Ltd from February 2010. He oversees and is responsible for all corporate operations and the strategic development of Croesus Merchant’s real estate business. He is responsible for the development and listing preparation of CRT, including sourcing, evaluating and negotiating acquisition terms and conditions for retail assets suitable for the initial and pipeline portfolio of CRT.

    From 2002 to 2009, Mr Yong was the managing director and co-founder of Jael Capital Ltd, a privately owned investment vehicle, where he oversaw and was responsible for managing the company’s investment strategy and portfolio in equities, global markets, foreign exchange and real estate. From 2000 to 2001, Mr Yong was the managing director of ICG Asia and ICG Japan. ICG Asia was a private equity technology investment company listed on the Stock Exchange of Hong Kong.  From 1996 to 2000, Mr. Yong was a private equity investment professional and prior to that from 1994 to 1996, he was a banker at JP Morgan Singapore.

    Mr Yong graduated from the London School of Economics, U.K. in 1991 with a Bachelor of Science (Hons) in Industrial and Business Economics.


    Managing Director of Infrastructure, Ports and Logistics

    Stephen Shaffer is a Managing Director who heads up Croesus Group’s infrastructure investment activities in ports. Mr. Shaffer is a leading expert in marine terminal operations who throughout his career has assisted global operators and financial sponsors with strategic investment decisions, management evaluations, the development of business and capital plans, and operational or strategic transformations.

    Prior to joining the Croesus Group, Stephen worked at Goldman Sachs, marine terminal specialist consulting firm Moffatt & Nichol, and Oliver Wyman, a leading international management consulting firm.

    While with Goldman Sachs, Mr. Shaffer was a member of its $6.5bn private equity infrastructure fund and was responsible for investing in and managing the Fund’s global investments in ports, toll roads, utilities, and airport infrastructure. Mr. Shaffer’s primary responsibilities included the asset management of the Fund’s investment in Carrix, a leading international marine terminal operating group, and the Fund’s investment in the £2.8 billion take-private acquisition of Associated British Ports (ABP), the UK’s largest terminal operating entity.

    As a vice president at Moffat & Nichol he led a team in the planning, evaluation and buy-side diligence of terminal assets, including bulk and container terminals, located in more than 20 countries throughout the Americas, Europe, the Middle East and Asia.

    Stephen began his career with the Geneva-based International Labor Office (ILO) and holds a BA (History) from Adelphi University, an MA from New York University (Near Eastern Studies) and a Master in Public Policy (Economics) from the National University of Singapore. He is proficient in Persian and has working knowledge of Spanish, French and Portuguese.


    Senior Advisor

    Mr. Kelly joined Croesus Merchants International as Senior Advisor on 1 January 2014. He is also chairman and trustee of the Teacher’s Retirement System of Texas (TRS), sixth largest US pension plan, the 17th largest pension plan sponsor in the world. With over 1.2 million members and over $120 billion in assets, the plan is a global investor with a modified endowment investment strategy and makes investments in publicly traded securities, private equity, real estate, hedge funds, infrastructure and commodities. Mr. Kelly has been trustee to the system since 2007 and chairman since 2009.

    Mr. Kelly is also chairman of the board of directors of Sol-Wind, LLC (Sol-Wind.) The firm is an alternative asset investment manager in the renewable energy space. Sol-Wind acquires wind and solar energy assets for investment purposes and structures financial solutions for developers of renewable energy assets.

    Since 2009, Mr. Kelly has served on the Advisory Board of Al Masah Capital Limited.

    A Dubai based asset management firm that manages private equity, real estate, and listed equity funds focused on the Middle East and North Africa ("MENA") region.

    Mr. Kelly also served as Chairman of the Texas Public Finance Authority (TPFA), a primary debt issuer for the State of Texas, from 2001- 2007, issuing more than $4 billion of securities through secured and unsecured financings on behalf of various agencies and departments of the state.

    Mr. Kelly graduated cum laude as a John Harvard Scholar in Economics from Harvard University and completed a MBA at Stanford University Graduate School of Business Administration. He lives in Dallas, Texas.