The former chief investment officer of Chinese wealth management platform Noah Holdings has joined Legend Capital, Private Equity International has learned.
The appointment of Piau-Voon Wang as managing director and chief operating officer comes almost two years after Wang left Noah to take a break and “explore opportunities with ties to the Chinese market”, as previously reported by PEI.
Wang served as independent advisor to China Development Bank after leaving Noah. He also remains an independent director of Astrea III, the Temasek-backed listed bonds platform, according to LinkedIn. Before joining Noah in 2016, Wang was with fund of funds manager Adams Street Partners for 16 years, where his most recent role was partner.
At Legend, Wang’s main responsibility is to oversee the business development, investor relations, finance and exit management teams, a source with knowledge of the matter told PEI. He will be based in Hong Kong, where the firm manages all of its US-denominated funds, it is understood.
Legend declined to comment.
The Beijing-based firm is in the market with two new funds. The firm has raised more than half its $1 billion target for its eighth flagship fund, as reported in March this year. It is also targeting $250 million for LC Healthcare Fund II. It is unclear how much has been raised so far for the vehicle.
Legend also launched a $1 billion “strategic platform” called Great Unity Fund that will deploy capital raised into Legend’s vehicles early this year. Legend and SK China, the Chinese holding firm of South Korea’s SK Group have each committed $300 million to the platform, and expect to raise the remaining $400 million from external investors, according to a source with knowledge of the matter.
Texas County and District Retirement System, 57 Stars, Adams Street Partners, CDC Group and National Council for Social Security Fund of China have backed Legend’s earlier funds, according to PEI data. China Development Bank was an investor in its yuan-denominated funds, it is understood.
Legend is one of the oldest private equity and venture capital firms in China. It was set up 2001 and manages 450 billion yuan ($65.2 billion; €58.6 billion) of assets, according to its website. The firm has invested in about 400 companies as of 2017, of which over 30 percent have been exited via domestic and overseas listings and M&A.
Noah Holdings is one of China’s largest wealth management platforms with $25.5 billion in AUM as of end-March 2019, according to its website. The firm distributes private equity, credit, public securities and insurance products denominated in yuan and other currencies.