CVC hires former Blackstone MD as head of China

Yi Luo’s appointment comes shortly after former HSBC MD Alvin Lim was recruited to head CVC’s Singapore and Malaysia businesses.

CVC Capital Partners has hired former Blackstone Group senior managing director Yi Luo as partner and head of China.

Luo began his new role in February this year, after relocating from Shanghai to Hong Kong. His main responsibility is to oversee private equity opportunities in mainland China.

Before joining CVC, Luo worked at Blackstone and led its deal-making team. He was also president of Shanghai Blackstone Equity Investment. He previously served as a partner at the Carlyle Group and led its China operations before being poached by Blackstone in 2012. He was vice president of the investment banking division of Merrill Lynch and was a former executive director at Goldman Sachs’ Principal Investment Area.

Earlier this month, CVC announced it had recruited Alvin Lim, a former managing director and head of South-East Asia banking advisory at HSBC. Lim is replacing Fock Wai Hoong who left the firm in August last year and is now head of South-East Asia for General Atlantic.

The firm is currently investing from its CVC Asia Pacific Fund IV, a $3.5 billion buyout vehicle which closed in 2014. Investors include Sumitomo Mitsui Trust Bank, Japan Bank for International Cooperation and the Old Mutual Investment Group.

CVC has secured more than $71 billion in funds from investors including Singapore's sovereign wealth fund GIC, fund of funds manager Pantheon International and the Kuwait Fund for Arab Economic Development, according to PEI Research & Analytics.

CVC has invested in Chinese companies including corporate and consumer financial services firm Sun Hung Kai & Co, pharmaceutical company VenturePharma and fastfood operator Da Niang Dumplings.

It recently exited Chinese education provider Education International Corporation, in a deal generating a 3x return for the firm, as previously reported by Private Equity International.

In Asia, CVC has offices in Bangkok, Beijing, Hong Kong, Jakarta, Singapore, Seoul, Shanghai and Tokyo.