Advent appoints China operating partner

The US-based buyout firm has appointed Lincoln Chee, a former surgeon and healthcare CEO, to drive value creation work in China.

Advent International has hired healthcare veteran Lincoln Chee as an operating partner in China, according to a statement from the firm.

Chee, who is a surgeon and a partner at Vertex Venture Holdings, a venture subsidiary of Singapore’s Temasek Holdings, will help Advent to identify healthcare-related opportunities and generate post-investment value. He will be based in Singapore.

Previously, he was chief executive officer and board member of Quality Healthcare Asia, Hong Kong’s first publicly listed healthcare company. During his eight years, he led the restructuring and turnaround of the group, which was sold to Fortis Healthcare for HK$1.52 billion (€146 million; $200 million) in 2011, according to the statement. 

Chee began as a medical doctor who practiced as a head and neck surgeon at Singapore General Hospital.

“Advent is an active investor in the global healthcare sector, which is also a core area of focus for Advent in China,” said Filippo de Vecchi, Advent co-head of Greater China, in the statement. “Chee’s operational and investment experience gives us great confidence in the value he will offer to our investment teams and portfolio companies in the region and globally.”

In addition to Chee, Advent has also appointed operating partner Michael Ming-Yue Zhu and an industry advisor to the chemical sector in China, William Tsao.

Advent’s operating partner program includes over 60 senior industry executives who assist in finding attractive investment opportunities, conducting due diligence, and driving value creation plans for  portfolio companies, the statement said.

Advent International is a US-based buyout firm with $31.6 billion in assets under management. Last year, the firm opened a Shanghai office.

In November 2012, Advent held a final close on €8.5 billion for its Advent International Global Private Equity VII, exceeding its €8 billion hardcap, Private Equity International reported earlier.