Senior managing director at CVC Capital Partners in Asia, Hemal Mirani, is leaving the firm to join HarbourVest Partners, sources close to the matter have confirmed to Private Equity International.
She will remain in her current position until the end of the year, starting in her new role as a managing director at HarbourVest in Hong Kong in January 2015. The firm alerted its LPs today of the news today.
HarbourVest decided to hire a third managing director in the office about a year ago to help with the managing and operating side of the business in Asia, with Mirani joining the recruitment process around nine months ago.
The move serves as a homecoming for Mirani, as she rejoins the global fund of funds where she worked from 1997 until joining CVC in 2009. During her initial tenure at HarbourVest, she was based in the Hong Kong office and helped build the firm’s presence in Asia.
The firm now has three offices in Asia, in Hong Kong, Tokyo and Beijing, but expects to open new locations across the region going forward, which Mirani will help orchestrate. Moreover, sources say her experience working with Asian investors is a key attraction for HarbourVest as it targets emerging LP markets such as China, Korea and Japan. Mirani speaks fluent Japanese. The firm is currently raising its seventh ex-US fund, which focuses on Europe and emerging markets investments.
HarbourVest and CVC both declined to comment.
Mirani served in CVC Asia’s investor relations team and as its chief administrative officer, based in the Hong Kong office, and joined in 2009. She was instrumental in raising the firm’s latest Asia-Pacific private equity fund, which closed in May this year on $3.5 billion. One source said that having helped successfully close the fund, she was “looking for a new challenge”.
CVC Asia had also lost a senior manager in its IR team, Justine Wardrop, in May, although globally has bolstered its communications capabilities this year, poaching Carsten Huwendiek from Pantheon as its global head of communications – a newly created position within the firm, PEI revealed in March. The firm has also been highly active in investing around the region over recent months.