Providence grows Hong Kong team with GA hire

Providence Equity Partners, the media and entertainment buyout specialist, has hired Sean Tong as a managing director to be based out of its Hong Kong office.

Tong joins the firm from General Atlantic’s Hong Kong office, where he has been a managing director since 2000. At General Atlantic, Tong led transactions and worked with portfolio companies in the Greater China region. He was on the boards of WuXi Pharmatech, a biotech and pharmaceutical company, and Oak Pacific Interactive, an internet company.

Prior to joining General Atlantic, Tong worked at Morgan Stanley in New York.

There is a broad range of opportunities in Asia in the sectors Providence specialises in, said chief executive Jonathan Nelson, and the firm is looking to further its presence in the region in the coming years.

Providence’s investments in Asia include the acquisition of a 15 percent stake in Indian wireless operator Idea Cellular, reportedly for $400 million (€282 million); and a $640 million investment for a 20 percent stake in its subsidiary Aditya Birla Telecom.

It is also believed to be in the running for the acquisition of a 45 percent interest in HKT Group Holdings, a subsidiary of PCCW, the Hong Kong-listed telecommunications group.

Providence manages assets of about $22 billion and has invested in more than 100 companies. Its other Asian office is located in Delhi.