American Capital opens Hong Kong office

The Maryland-based private equity firm has appointed long-time investment professional David Steinglass to head its first presence in Asia.

US private equity firm American Capital has launched an office in Hong Kong, its first office in Asia.

Headed by longtime senior investment professional David Steinglass, the office will initially focus on the expansion of existing portfolio companies in the United States and Europe into the continent and on building relationships with local institutional investors, according to a statement from the Maryland-based firm.

Steinglass has worked for the firm since 1997.

Publicly-traded American Capital currently maintains eight offices in the US and four in Europe. The firm also manages two public funds, private equity and mezzanine fund European Capital Limited and real estate trust American Capital Agency.

American Capital director John Koskinen was selected last week to head the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, after the quasi-governmental company was forced to seek an emergency bailout by the government.