NewQuest appoints former CVC exec for China push

Daizong Wang, a former managing director at CVC Capital Partners, will join the firm to set up its Beijing office and focus on direct secondaries opportunities in China.

Hong Kong-based NewQuest Capital Partners has hired Daizong Wang as a partner as it prepares to open a mainland China office, Secondaries Investor reports.

Wang will be based in Beijing and will be responsible for the firm’s office there – its first outside Hong Kong – which should open later this year. He joins China co-heads Bonnie Lo and Min Lin in expanding the firm’s China business.

Wang brings 20 years of China-focused private equity experience to NewQuest. Before joining NewQuest he was managing director at CVC Capital Partners in Beijing. He has served in senior management roles at various Chinese companies including Sinobo Group and restaurant chain Little Sheep Group. Wang also previously worked for 3i and Goldman Sachs in Hong Kong.