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the third generation team

Our team has decades of experience in investment banking,
project financing and the apparel industry.

learn about
Peter Shay
learn about
Merrit Maddux
learn about
Charles Regan
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Chris Young
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Raymond yau
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Mandy Koh

peter shay

Founder & Managing Director

Peter Shay provides 30 years of experience in the commercial and investment banking and apparel manufacturing industries in Asia. In 2004, Peter established Third Generation Capital (formerly known as MMG Asia.)

Peter began his career in New York in the international division of Manufacturers Hanover Trust Co. rising to Vice President in charge of multinational corporate client relationships at the bank’s Hong Kong branch.

From 1989, Peter concentrated his talents into the apparel sector in Hong Kong, serving as a buyer/manager for the Asian operations of New York outerwear importer, Paramount Apparel, supervising all aspects of the Asian garment industry supply chain, including fabric and accessories sourcing, production costing, quality control, finance, shipping and quota control.

In 1994, Peter returned to banking to establish a branch for Chemical Bank (later merged with Chase Manhattan) in Shanghai. In 2000, he moved to the Investment Banking Group of the newly merged JP Morgan Chase in Hong Kong. Prior to founding TGC, Peter was Managing Director and head of JP Morgan’s Asian multinational client practice.

Peter is a graduate of Brandeis University and studied Chinese at university in Taiwan. He is fluent in Mandarin Chinese, and is a CFA charter holder.

Merrit Maddux

Managing Director

Merrit Maddux focuses on real estate advisory for corporates, funds and special situations. He has advised numerous manufacturing and trading companies on their real estate strategies. Previously, Mr. Maddux was the Managing Partner for Forum Partners Asia business where he was responsible for real estate private equity funds with roughly US$ 1.1 billion in invested capital. Forum Partners is a real estate investment management firm with approximately US$6 billion under management. Mr. Maddux served on the investment committees for Forum's three Asia funds and also served on the management committee for the firm.

Prior to joining Forum Partners, Mr. Maddux held a senior position with Morgan Stanley's Asia Special Situations Group in Tokyo and Hong Kong. Prior to joining Morgan Stanley, he headed up J.P. Morgan's corporate and special situations research team in Asia.

Throughout Mr. Maddux's career he has been responsible for Asian real estate investments in excess of US$2.5 billion. Additionally, he served on the boards of numerous Asian real estate companies including private affiliates of Singapore listed Ascendas, CapitaLand and Sing Holdings.

Charles Regan

Senior Advisor

Charles is a senior finance and banking executive with 25 years of corporate and investment banking experience in Asia where he has worked with the largest corporations in Asia, MNCs, Private Equity, Sovereign Wealth Funds and non-bank FIs to facilitate capital formation for M&A transactions and other investment strategies.

Prior to TGC, Charles was Asia-Pacific Regional Co-Head of Commercial & Investment Banking at Banco Santander and spent several years as Regional Head of Capital Markets for WestLB. He has successfully developed capital market solutions for regional acquisitions, restructurings and project financings on behalf of both financial and strategic investors in telecom & media, power, oil & gas, electronics, commodities and infrastructure.

Prior to joining WestLB, Charles worked with Hughes Electronics where he led the international treasury, risk management and financial solutions area for emerging market investments. While there, he successfully concluded direct/joint venture investments and capital solutions for greenfield projects that were concluded throughout Asia.

He graduated from James Madison University with a BBA in Finance and Economics and earned a MBA from Thunderbird School of Global Management.

Chris Young

Senior Advisor

Chris Young(楊晨) has 25 years' experience as an investor, entrepreneur, and executive of multiple global businesses across several consumer sectors including apparel, footwear, cosmetics, and e-commerce. Chris’ market focus is primarily in the US and Greater China.

From 2000-2012, Chris successfully led and created top line revenues in excess of USD 300MM for the global apparel company ORIOXI International. In 2013, he facilitated a merger with Quality World Wide and formulated Quality Orioxi Inc. At the end of 2015, Chris sold his shares, and exited the merged company. In 2009, Chris founded Smartthreads, a socially conscious collegiate licensing apparel brand for the top 30 Universities in the US and sold to multiple retail channels, gaining substantial social media following. He subsequently sold Smartthreads in 2012 to an LA based apparel company.

Prior to being an entrepreneur, Chris held various senior management roles at Macy’s , Dayton Hudson Corp, LVMH, and Reebok International, where he was an early pioneer in e-commerce retailing.

Chris was instrumental in the merger and acquisition of DFS by LVMH and led the integration efforts of DFS’s seven regions in Asia Pacific and Europe into one central operational location in San Francisco.

Chris holds a Business Administration degree from the University of California, Riverside. He currently resides in Shanghai, China, with his wife and 2 daughters.

raymond yau

Associate

Raymond joined TGC in 2012. He has more than five years of experience in debt capital markets, securitization and structured finance. Prior to joining TGC, he held an associate director position at MCAP, a Canadian mortgage bank. During his tenure at MCAP, he was involved in numerous securitization and structured finance transactions involving TD Securities, Bank of Montreal, Scotia Capital and many other investors. In total, he helped the company raise over CAD$ 2 billion via mortgage/asset backed securities and commercial papers.

Raymond graduated from the University of Toronto with an Honor Bachelor of Commerce degree and is a CFA charter holder. He is fluent in English, Cantonese and Mandarin.

mandy koh

Associate

Mandy has been with TGC since 2008. She is trained as an accountant and has worked in retail and trading, including three years as accounting manager for Tiffany & Co’s China operations. At TGC, Mandy has worked on due diligence and accounting issues for firms in the accessories, apparel and manufacturing industries.

Mandy graduated from the Open University of Hong Kong with a B.A in business and accounting.