CVC sells EIC, poaches HSBC dealmaker

Alvin Lim's hire coincides with the sale of Chinese education provider EIC in a deal generating a 3x return for the firm.

Global buyout firm CVC Capital Partners has hired former HSBC Holdings' managing director Alvin Lim to focus on investments in Singapore and Malaysia.

He will start work at CVC in June.

Lim was managing director and head of Southeast Asia banking advisory at HSBC. Before joining the bank, he was vice president for investment banking at Citigroup, according to his LinkedIn profile.

It is understood that he will replace Fock Wai Hoong, a former MD of CVC who left the firm in August last year and is now head of South-East Asia for General Atlantic.

In April, CVC hired former Blackstone operating partner Alan Roux, as a senior managing director, as reported by Private Equity International. A month before, the firm hired former Deutsche Bank global co-head of telecommunications, media and technology investment banking Chris Colpitts, as a senior managing director and US head of TMT.

Other recent hires include Tom Kichler, CVC's US head of industrials and energy, who was hired in January from Orb Equity Partners; Jean-Marc Etlin, whom the firm hired for its new office in São Paulo to head its Latin America team; and Krzysztof Krawczyk, who joined from Innova Capital to lead CVC's new office in Poland.

CVC's investments in Asia are targeted at consumer-driven sectors. In December the firm invested in Indonesian consumer goods company Softex through CVC Asia Pacific Fund IV. That fund raised $3.5 billion in 2014 and secured commitments from the California State Teachers' Retirement System, the Canada Pension Plan Investment Board, New York State Teachers' Retirement System and Japan Bank for International Cooperation.

This week CVC completed the exit of its investment in Chinese education provider Education International Corporation. It sold the company to a consortium led by Chinese private equity fund NLD Investment in a deal understood to have generated around 4.5 billion yuan ($692 million; €605 million) and a 3x return for the firm. 

CVC bought the company in December 2013 through its Asia Pacific Fund III, a 2008-vintage vehicle that closed on $4 billion. Since CVC's investment, the company has boosted its management team with new hires, including the appointment of Pearson chief executive officer Isa Wong. EIC had also acquired New Pathway, a US-focused test preparation and college counselling company with a strong online technology platform.