London-based private equity firm Cinven is expanding its Hong Kong team by adding Joseph Wan as partner and Richard Cheung as principal. Both will be based out of London until the new Hong Kong office officially opens early next year.
Wan is joining Cinven from The Boston Consulting Group’s Hong Kong office, where he has been a partner and managing director since 2001. Cheung is joining Cinven from McKinsey’s Hong Kong office, where he was a partner.
Wan has consulting experience in consumer electronics retailing, construction materials and furniture retailing, snacks and beverages, cosmetics, airlines and the auto industry. Cheung has consulting experience in the retail and consumer sectors as well as gaming and manufacturing.
The new appointments come just as Dick Munton, one of the founding partners of the firm, is scaling back his private equity activity after nearly 30 years on the job. He remains a partner, working at the firm several days per month.
In January, Cinven named three new partners and two new principals to its London, Paris and Frankfurt teams.
Last month PEO reported that firm is likely to begin fundraising towards the end of 2009 with a target of between €8 billion ($12 billion) and €10 billion, depending on market conditions.