Kohlberg Kravis Roberts has lost one of its key Asia investor relations team members who was on board for the firm's record $6 billion fundraise last year.
Clifford Chiu, head of the Asia client & partner group at the firm, has retired effective in June and will return to the US with his family, according to an internal memo seen by Private Equity International.
Chiu joined KKR in 2007 and led the firm’s investor relations and capital raising activities in Asia. Previously, he was a managing director at JPMorgan Asset Management in Hong Kong and had also held the positions of head of investment banking Hong Kong and the same in Japan for Salomon Smith Barney/Citigroup.
During his seven-year employment with the global private equity firm, Chiu helped raise $14.4 billion across five markets. Chiu was also involved in raising the KKR Asia Fund II, the firm’s $6 billion pan-Asia fund that closed in July last year. The vehicle is the largest single private equity fund with institutional capital ever raised for the region.
“Clifford has been an integral part of KKR’s leadership team from our early days in Asia, and we are most grateful for all his contributions to the firm,” Joe Bae, head of KKR Asia, said in the memo.
Chiu added, “I am most proud from a standing start to have built a fundraising franchise that today comprises a senior team of talented, self-starting professionals whose profile, best practices and collective commercial results will lead KKR’s Asia CPG team in the years to come.”
Despite returning to the US, Chiu will remain linked to Asia through his involvement as an appointee on the Hong Kong Financial Services Development Council and the West Kowloon Cultural District Authority investment committee.