Harvest Capital Partners’ CEO quits

The private equity firm backed by the China Resources Group is losing its chief executive officer Rong Ren, according to a company statement. His departure comes right in the middle of fundraising plans.

Hong Kong-based private equity real estate firm Harvest Capital Partners has accepted the resignation of its chief executive officer and managing director Rong Ren, according to a company statement. 

Harvest’s spokeswoman declined comment on his resignation.

Ren has worked for the firm since its inception in 2005.  He has been responsible for fund formation and structuring, capital raising activities and overall investment management, according to the firm’s website.  He also sits on the investment committee of Harvest's three other China real estate funds.

In May last year, Harvest Capital Partners closed its CR China Retail Real Estate Development Fund I at $466 million 12 months after its first close. The fund has made investments in Ningbo, Hangzhou, Jiangyin and Maanshan.

Harvest had plans to launch new funds in 2012, according to a previous report in sister publication PERE. George Agethen, head of capital raising and business development at the firm told PERE in November that both a second retail development fund and another opportunity fund were among the vehicles considered for launch in 2012.