Circle Capital

Singapore-based venture capital firm focused on Asia's Energy Transition.

We are a Singapore MAS-licensed VCFM operating within the energy transition equity space. We invest in businesses that deploy energy-savings-as-a-service, creating a critical enabler for industrial decarbonisation.

MAS

Licensed VCFM

Asia

Energy Transition Focus

ESaaS

Industrial Decarbonisation

Our Thesis

Decarbonisation is the defining challenge of our generation. Circle Capital works at the intersection of capital, technology, and execution to accelerate industrial transition.

Energy-Savings-as-a-Service

We target businesses that remove high upfront capital barriers for heavy industry. By financing and deploying energy efficiency upgrades through a service contract model (ESaaS), industrial operators immediately reduce energy consumption and cost without balance sheet strain.

Industrial Decarbonisation

Heavy industry and manufacturing accounts for the largest share of global emissions. Our focus is supporting companies that directly optimize mechanical systems, thermal processes, waste heat recovery, and high-efficiency power architectures to achieve measurable carbon abatement.

Our Team

With deep regional roots and extensive global experience, our team synergizes VC, finance, sustainability, marketing, and founder-operational excellence.

Ambika Behal
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Ambika Behal

Managing Director

Ambika began her career covering energy policy on Capitol Hill in Washington D.C. She later launched Bloomberg TV’s early emerging markets programming from London and Hong Kong...

Sonam Thendup Bhutia
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Sonam Thendup Bhutia

Director

Sonam's experience revolves around building regulated financial infrastructure for banks, enterprises, and fintechs across Southeast Asia at Ant Group, Visa, and Thunes...

Wei Hern Ng
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Wei Hern Ng

Fund Analyst

Wei Hern began his career in deals advisory at PwC Singapore. He subsequently joined Liminal, a Temasek-backed venture studio, authoring investment theses on ESG...

Advisory Board

Our advisory team spans regulatory policy, engineering, risk management, and carbon markets, supporting all aspects of our investment lifecycle.

Dr. Subhash Paluru

Dr. Subhash Paluru

Dr. Paluru is the Co-Founder/CEO of RotaPower, LLC. He has over 20 years of leadership in power systems, operations, and critical infrastructure, and served as executive at WAPA and Department of Energy.

Clark Jennings

Clark Jennings

Clark brings 20+ years of trade, investment, and digital transformation policy experience. He served in the Executive Office of the President of the US and as Chief of Staff at the US Trade and Development Agency.

Kit Jennings

Kit Jennings

Kit is a HK and NY qualified derivatives and debt lawyer, ex-Ashurst. He is Legal Counsel for Shift Energy Asia, a financier and operator of renewable energy assets.

Donna Kitsos

Donna Kitsos

Donna has 20+ years of experience in power, gas, and emissions markets. She led a global Sustainable Mining Challenge in partnership with the WEF, connecting early-stage tech to industrial buyers.

Stephen Hodson

Stephen Hodson

Stephen is a materials technology executive with 20+ years scaling APAC businesses. He holds a PhD in Applied Science and is an alumnus of Harvard Business Analytics Program.

Contact Us

Get in touch with our team to discuss investments, partnership opportunities, or general inquiries.

Registered Office

Circle Capital Pte. Ltd.
105 Cecil Street, #18-18 The Octagon
Singapore 069534

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Team Profile

Ambika Behal

Ambika Behal

Managing Director Connect on LinkedIn

Ambika began her career covering energy policy on Capitol Hill in Washington D.C. She later launched Bloomberg TV’s early emerging markets programming from London and Hong Kong before playing an instrumental role in the merger resulting in the rebranded BloombergNEF. She garnered operational experience through launching a content platform startup in India, which she then sold. She has also worked on investments, strategy and innovation for large family businesses in Hong Kong, and was most recently a fund manager with Symphony Asia, a private equity and venture capital firm in Singapore. Ambika currently serves on the board of British Tech Advisors (B.TA), an independent network partnered with the British High Commission in Singapore.

Ambika holds postgraduate degrees in International Journalism and Finance from City St George's, University of London, with an undergraduate degree in English and Politics from Gettysburg College in the US. She is passionate about sustainability, and has completed a Sustainable Finance certification from Cambridge University. Ambika also speaks several languages, and is currently learning Bahasa Indonesia.

Team Profile

Sonam Thendup Bhutia

Sonam Thendup Bhutia

Director Connect on LinkedIn

Sonam’s experience revolves around building regulated financial infrastructure for banks, enterprises, and fintechs across Southeast Asia. His work at Ant Group, Visa, and Thunes has centred on creating trusted, scalable cross-border payment systems for emerging markets.

Raised in a small Himalayan village in Sikkim, India among cardamom farmers, Sonam’s perspective is shaped by communities whose livelihoods depend on the delicate balance of climate, soil, and finance. This background informs his work at the Manager, where he champions the principle that climate impact and commercial scale must advance together, improving the lives of those most connected to the land.

Sonam is an alumnus of the Indian Institute of Management, Bangalore. He is based in Singapore.

Team Profile

Wei Hern Ng

Wei Hern Ng

Fund Analyst Connect on LinkedIn

Wei Hern began his career in deals advisory at PwC Singapore, supporting M&A operational due diligence and carve-out work for clients across the APAC region. He subsequently joined Liminal (formerly Menyala), a Temasek-backed venture studio, on the fundraising team, sourcing lenders and pitching portfolio companies to venture capital firms and family offices, and authoring investment theses with a focus on ESG and emerging technologies. Wei Hern has worked on low-carbon project finance transactions across APAC, spanning financial due diligence, debt structuring, and syndication, with sector focus on renewables and industrials.

Wei Hern holds a Bachelor of Business Administration from the National University of Singapore (NUS) Business School, with a double specialisation in Finance and Business Analytics, and completed a semester exchange at ESSEC Business School in France where he studied structured finance and portfolio management.

With a keen interest in energy transition financing and carbon markets in Southeast Asia, he has completed the Bloomberg ESG certification and the World Bank Group's Investment and Finance in Emerging Markets and Developing Economies (EMDEs) program. Wei Hern speaks fluent English and Mandarin Chinese and is conversational in Japanese. Outside of work, he is a long-time taekwondo practitioner who currently coaches the NUS Taekwondo team on an ad-hoc basis.