CVC names new head of Asia

CVC Capital Partners has appointed Sigit Prasetya, a managing partner at the firm, to lead the firm’s operations in Asia, Private Equity International has learned.

He replaces Roy Kuan who will be retiring from his post as managing partner for the region in about 18 months after working for the firm since 1999. 

Prasetya’s appointment was first reported by Debtwire.

In his new role, Prasetya will lead the firm’s private equity activities in the region including overseeing the deployment of CVC Asia Pacific IV, its latest pan-Asian buyout fund, which raised $3.5 billion in 2014. Capital from the fund will be invested in consumer-oriented deals in Greater China, South-East Asia, Japan and South Korea.

Fund IV is generating a 7 percent net internal rate of return and a 1.1x return multiple as of Q1 2017, according to a source with knowledge of the matter.

CVC’s Asian portfolio includes Malaysian funeral services provider Nirvana Asia, Japanese senior home provider Hasegawa Holdings, and South Korean parcel delivery company Logen Group.

The firm has also been expanding its team in Japan with the hiring of former General Electric chief executive Yoshiaki Fujimori in April as the firm’s first-ever senior advisor as well as Nobuaki Kurumatani, ex-deputy president of Sumitomo Mitsui, who was appointed in April as CVC’s president of Japan.

In addition, CVC is set to open an office in Mumbai, India in the coming months, headed by senior managing director Siddharth Patel, as previously reported by PEI.

Prasetya has been with CVC for close to a decade, heading its private equity activities in South-East Asia. He was behind CVC's investment in Indonesian retailer Matahari Department Store, which the firm bought in 2010 for $770 million. This was Indonesia’s biggest private equity deal at that time.

He also sits on the board of CVC’s advisory business and is a member of the Asia Pacific Private Equity Board, the Asia Pacific Investment Committee and the Human Resources Committee.

Prior to joining CVC, Sigit worked for Henderson Equity Partners as head of South-East Asia and for Morgan Stanley Investment Banking where he was responsible for Indonesia and its financial institution practice in the region.