Ex-Credit Suisse director joins GP stakes giant Blue Owl

Eric Sun is reunited with James Lee, Credit Suisse's former head of Asia distribution, who now serves as head of Blue Owl’s institutional sales team in Asia.

A former director in Credit Suisse’s private fund group has joined Blue Owl Capital in Hong Kong.

Eric Sun was hired by the GP stakes and direct lending giant in January, according to regulatory filings. Sun had spent more than two years at Credit Suisse raising capital for private equity, private credit and infrastructure, per LinkedIn.

He is reunited at Blue Owl with James Lee, former head of Asia distribution for Credit Suisse, who left the investment bank in 2019 to launch placement business Ascentium Capital. Lee now serves as head of Blue Owl’s institutional sales team in Asia following Blue Owl’s acquisition of Ascentium in December.

Credit Suisse declined to comment. Blue Owl had not responded to a request for comment by press time.

Sun is the latest in a string of placement agents who have left the sector or moved in-house during the pandemic, with many GPs in the region seeking a helping hand on the fundraising trail as travel disruption and a flight to familiarity continue to make the process more of a slog.

His arrival at Blue Owl coincides with that of Madeleine Sinclair, who joined the firm earlier this week as managing director and head of North American distribution, according to a statement. Sinclair previously spent 19 years at BlackRock, most recently serving as head of iShares Canada.

“[Sinclair’s] expertise will be instrumental in accelerating the growth of Blue Owl’s private wealth business and comes at a time when we are experiencing exponential investor demand for our products and alternative expertise,” Derek O’Leary, chief executive of Blue Owl Securities, said in the statement.

Private Equity International first reported on Blue Owl’s tie-up with Ascentium, which involved Ascentium serving as placement agent for Blue Owl’s products in Asia, in June. Ascentium was founded in 2020 as a joint venture with Owl Rock, the direct lending manager that merged with Dyal Capital Partners to form Blue Owl the following year.

“In order to better serve our current and prospective clients globally, we are thrilled to strengthen our presence in Asia with this acquisition of Ascentium,” Blue Owl chief executive Douglas Ostrover said in a December statement. “There is tremendous opportunity for GP stakes, direct lending and real estate solutions in the APAC region, and we look forward to bringing our unique offerings to a market that is well positioned for long-term growth.”