CVC Asia Pacific, a joint venture between Citigroup and buyout firm CVC, has lost Percy King, managing director responsible for the group’s Greater China investments and Chris Heine, deputy managing director responsible for Southeast Asia.
David Seto, a managing director responsible for CVC Asia Pacific’s finance and administration, has retired, according to Andrew Cummins, a managing director at CVC.
The departures happened over three months, Cummins said, adding that Roy Kuan, a partner, previously based in Tokyo, has since relocated to Hong Kong to oversee CVC’s Greater China efforts.
According to an investor with CVC Asia Pacific, it is unclear why the trio left.
“There are always two sides to the story. And larger firms like Carlyle and CVC tend to be less sensitive to such walk-outs,” he said.
Last year, Carlyle lost six executives across its North Asian operations and they have since raised a $1.56 billion fund.
All three executives have been with CVC Asia Pacific since the firm began in 1999 and joined from Citigroup.