Ok, this seems to be a compatibility issue with Powershell 5. Tried installing PowerCLI 6.0 R3 on Win7 running Powershell 4.0 and it works, able to see all the modules. Upgrading from PowerCLI 5.x to 6.0 on Powershell 5.0 doesn't work either. Hope VMware look into this and add support for Powershell 5.0