China’s venture capitalists made fortunes gambling on the country’s blockbuster tech successes such as Alibaba and Meituan. But as a slowing economy, new regulations and pandemic restrictions cast a pall over China’s tech sector, some of those investors have begun looking to make their next big bets from new outposts in another bustling Asian nation: Singapore.

This year, some prominent venture firms in China, including GSR Ventures and Matrix Partners China, have made new hires in the city-state so they can more easily hunt for potential deals across Southeast Asia, a region of more than 600 million people that encompasses Singapore, Thailand, Vietnam, Indonesia, the Philippines and Malaysia. Many other Chinese VC firms are looking to make similar moves, according to venture capitalists in China and Singapore who spoke to The Information.