Advent International has appointed two chemical industry professionals to build up its sector expertise and operational team in China, according to a firm statement.
Michael Ming-Yue Zhu joins Advent’s operating partner program. He will advise Advent on investment opportunities in the chemicals sector, according to the statement.
Zhu has 30 years of industry and government experience in the Chinese chemicals sector and most recently assumed the position as China country general manager of Solvay China.
Advent’s operating partner program includes 60 senior industry executives who typically assist in activities such as identifying attractive investment opportunities, conducting due diligence and creating and driving value creation plans for portfolio companies.
In a second hire, Advent appointed William Tsao as an industry advisor in the chemicals sector in China.
Tsao, who worked at DuPont for 35 years, held leadership roles in various disciplines and business units in Taiwan, Singapore, Bangkok and Shanghai. In his last position with the company, he headed up DuPont’s performance coating business in China.
“The chemicals sector is a core area of focus for Advent in China. We are committed to helping our portfolio companies in this sector achieve expansion and long-term sustainable performance,” said Filippo de Vecchi, managing director and co-head of Greater China, in the statement.
Advent opened an office in Shanghai in April, PEI reported earlier. The previous month, the firm shut offices in Turkey and Italy.
In 2011, the firm closed its Tokyo office, noting at the time it would instead focus on China and other emerging Asian countries.