Vision Knight Capital has hired Pak-Seng Lai as a managing partner to focus on investments and portfolio companies in Southern China, as well as capital market relationships in Hong Kong, according to a statement.
His appointment is effective from July 2014.
Lai joins from Auda International’s Hong Kong office, where he was managing director and head of Asia for the private equity fund of funds. Prior to Auda, Lai was head of investment process at Adveq.
“We are excited to have Pak-Seng join us. He is one of the most experienced veterans in Asian private equity. His extensive experience in both direct and fund investments will strengthen VKC’s leadership position in the industry,” David Wei, Vision Knight's founding partner and chairman.
Vision Knight, which was launched by former Alibaba Group chief executive Wei in 2011, closed its second private equity fund on the $550 million hard cap in April this year.
Lai’s departure from Auda has already been filled by former FLAG Squadron partner and co-founder of Squadron Capital Jacob Chiu, who revealed he would join Auda in late May as head of Asia in its newly-established Shanghai office, Private Equity International reported earlier.
Days later, fellow co-founder of David Pierce at HQ Capital, Auda’s parent company, as head of the firm’s Asia alternatives business, which includes Auda International’s Asia unit.
Chiu and Pierce both confirmed they would depart FLAG Squadron in June last year.
Vision Knight now manages two funds with total of $800 million in assets under management. The firm’s operational and investment teams are based across offices in Shanghai and Hong Kong, focusing on investments in internet, e-commerce, e-commerce-related consumer and retail, and B2B services.