The Blackstone Group has hired Yi Luo, Shanghai-based managing director at The Carlyle Group, as senior managing director, a source confirmed to PE Asia.
He will start his new post in late Autumn and still be based in Shanghai.
Focusing on Asian buyout opportunities, Luo was responsible for generating and executing investments in China for the Washington-based firm. It is unclear if there will be replacement for Luo as Carlyle declined to comment. Blackstone declined to comment.
Prior to Carlyle, Luo was a vice president of Merrill Lynch’s investment banking division in Hong Kong, where he led a number of capital markets and M&A transactions including the initial public offering of CNOOC and Shanghai Pudong Development Bank’s sale of a stake to Citigroup. Previously, he was an executive director at Goldman Sachs’ Principle Investment Area for two years.
The appointment came just one week after the news of Blackstone senior managing director Ben Jenkins' departure. He is leaving the firm and returning to New York by the end of the year after four years in Hong Kong. According to a Reuters report, Shiong Tan, another Hong Kong-based managing director, is also leaving.
In December last year, Blackstone moved Michael Chae from New York to Hong Kong to head its Asia operations. The firm is currently in the market for its RMB5 billion-targeted fund, which held a first close on an undisclosed amount in April.
Blackstone is not the first global firm to poach talents from rival to build its team in China. Just in July, TPG Capital hired former Bain Capital managing director Jingsheng Huang as a partner.