Lui, who joined Ascendent in August according to her LinkedIn profile, spent more than 10 years at HarbourVest covering partnership investments in Asia Pacific and emerging markets, with a focus on the North Asia region. Liu also served on the advisory boards of several private equity partnerships, including Olympus Capital, Orchid Asia, Trustbridge Capital, and Unitas Capital. Earlier in her career, she was an investment banking analyst at Morgan Stanley in Hong Kong.
Ascendent is currently deploying its second vehicle, the 2015-vintage Ascendent Capital Partners II, which closed on $600 million. The firm has completed four deals from the fund, including in Hong Kong-listed China Automation Group and China’s largest kindergarten operator RYB Education. Its first fund, which closed on $365 million in 2012 has been fully invested, according to PEI data.
The firm typically picks up significant minority stakes in education, consumer, industry 4.0, and healthcare-focused companies based in greater China.
Investors in Ascendent’s funds include sovereign wealth funds as well as mainly US and European endowments, pensions and foundations.
The firm was founded in 2011 by former D.E. Shaw and Goldman Sachs executives Liang Meng and Kevin Zhang.