AlpInvest loses Hong Kong exec

The head of the European fund of funds' Hong Kong secondaries team, Neal Costello, has left after less than one year in the position.

Neal Costello, a principal and head of secondary investments for AlpInvest Partners in Hong Kong, has apparently left the firm after less than one year in the position.

Costello's email sends a response saying that he can no longer be reached at the Alpinvest address and his name has been removed from the firm's website. His professional profile on LinkedIn lists his position at Alpinvest as “previous”.

The Hong Kong office would not comment on Costello and requests for information from Alpinvest's Netherlands office went unanswered.

In July 2012, Costello relocated from AlpInvest's New York office to set up a dedicated secondaries team in the Hong Kong office. AlpInvest officials at the time said they saw attractive secondaries opportunities in Asia and singled out China, India, Korea, Japan and Australia as key markets, Private Equity International reported earlier.

Costello joined AlpInvest’s secondaries team in New York in 2003. Prior to that, he was with CIBC World Markets’ M&A division. 

Earlier this month, the Carlyle Group bought the remaining 40 percent that it did not already own of AlpInvest Partners. The firm's latest secondaries offering, AlpInvest Secondaries Fund V, has raised $3.48 billion, according to Carlyle’s first quarter 2013 earnings report. 

Fund V is a 2012 vintage vehicle targeting $4.6 billion with a strong focus on Asia Pacific, according to PEI’s Research & Analytics division.

Amsterdam-based AlpInvest is a fund of funds with $50 billion in assets under management worldwide and 30 GP relationships in Asia out of 250 globally, according to the firm.