Our Team

Rahul Shah

Partner and Co-Head

Rahul is the Partner and Co-Head at EvolutionX with almost two decades of experience across origination, structuring and negotiation of debt and structured credit investments in India and South Asia. At EvolutionX, he leads investments across India and Southeast Asia, and is also a member of the Investment Committee.

He joined EvolutionX from CDC Group (now British International Investment), where he was the Head of Corporate Debt investments for South Asia, and has also led debt investments to financial services companies. Prior to CDC, he worked with Standard Chartered Bank, J.P. Morgan and Edelweiss where he focused on structured credit and mezzanine debt investments across multiple sectors in India.

Rahul graduated with a Bachelor in Commerce from Mumbai University and holds an MBA in Finance from NMIMS Mumbai.

Calvin Cheng

Partner and Co-Head

Calvin is the Partner and Co-Head at EvolutionX with 25 years of experience in venture growth debt, venture capital, investment banking, and corporate banking in the United States and China. At EvolutionX, he leads investments in Greater China, and is also a member of the investment committee.

He joined EvolutionX from East West Bank (China) where he was Managing Director and Head of Technology and Growth Banking Group, financing Private Equity/Venture Capital-backed companies in the Greater China region. He also provided loans to PE/VC funds & GPs. Prior to that, Calvin worked at East West Bank (Silicon Valley), Comerica Bank, Citibank, and Silicon Valley Bank where he focused on providing venture growth and leverage buyout financing to technology, healthcare & life science, and Internet/Social Media companies in Silicon Valley and other markets in the US. He also worked on capital raising, Mergers & Acquisitions advisory, and venture capital investments during his career.

Calvin holds an MBA from Pittsburgh State University. He also holds a Bachelor of Science in Material Science and Engineering from Fung Chia University.

Charmaine Kng

Investment Principal

Charmaine is the Investment Principal at EvolutionX with about a decade of investment experience spanning venture debt and venture capital, working with the tech and start-up ecosystems. As the founding member of EvolutionX, she helped establish the fund in end-2021.

Prior to EvolutionX, Charmaine was leading the DBS Venture Debt practice from 2018 to 2021. She started her investment career with EDBI, a multi-billion global venture capital fund, and was responsible for growth-stage equity investments in the ICT sector. Prior to her investment career, she spent some years in management consultancy and banking.

Charmaine graduated with a Bachelor of Engineering (Aerospace) with First Class Honours from Nanyang Technological University and holds a MSc in Finance from Imperial College, London.

Sakshi Shah

Investment Assistant Vice President

Sakshi is the Investment Assistant Vice President at EvolutionX, based in India. She joined EvolutionX with 6 years of experience in private equity and investment banking.

Prior to joining EvolutionX, Sakshi was part of the private equity team at CDC Group. She started her career in investment banking at Goldman Sachs and has also worked with HDFC Bank and Kaizenvest (Private Equity). She has experience across deal origination, investing, portfolio management and exits across multiple sectors.

Sakshi graduated with a Bachelor of Commerce (with Honors) from Shri Ram College of Commerce, University of Delhi and holds a Post Grad Diploma in Management (MBA equivalent) from IIM Kozhikode.

Saurabh Jain

Investment Associate

Saurabh is the Investment Associate at EvolutionX, based in India.

Prior to EvolutionX, Saurabh was part of the Venture Debt investment team at Alteria Capital. Saurabh started his career at IIFL Asset Management where he was part of the founding team for the Private Credit strategy. He has over 3 years of investment experience in Private Credit strategy – Direct Lending (OpCo & HoldCo), Infrastructure, Special Situations and Venture Debt across multiple sectors. He has also worked across deal origination, fundraising, deal execution, portfolio management, fund management related activities and investor relations during his career.

Saurabh is a Chartered Accountant with the Institute of Chartered Accountants of India and a management graduate from IIM Udaipur.

Daphne Wong

Investment Associate

Daphne is the Investment Associate at EvolutionX.

She joined EvolutionX from ABN AMRO Bank where she was part of the APAC Structured Finance team. She started her career at OCBC Global Corporate Banking as a member of Telecom. & Media team. She has over 5 years of experience in Corporate Banking and Debt Financing.

Daphne graduated with a Bachelor of Accountancy (First Class Honours) and a Bachelor of Business (First Class Honours) from Nanyang Technological University.

Terence Chia

Head of Finance & Human Resource

Terence is the Head of Finance & Human Resource at EvolutionX.

He joined EvolutionX from Haitong International Group in Singapore where he was the Finance Director for Singapore and Australia. Prior to Haitong International, he worked in various finance and control functions with InnoVen Capital and Royal Bank of Scotland. Terence started off his career as an auditor with KPMG.

Terence has a professional degree from the Association of Chartered Certified Accountants (ACCA) and is a Chartered Accountant, Singapore with the Institute of Singapore Chartered Accountants.

Yanny Loh

Office Manager

Yanny is the Office Manager at EvolutionX.

She joined EvolutionX as a seasoned professional with over 20 years of administrative and office management experience in multinational corporations across diversified industries.

Yanny holds a Diploma in Secretarial from the London Chambers of Commerce.