Kenneth Lee, a managing director at Quad-KAI Capital, the Chinese arm of US-based private equity firm Quad-C, will retire at the end of September.
Quad-C KAI declined to comment on Lee’s retirement.
Lee joined the firm in 2008 to set up its Beijing office and spearhead its investment efforts in China. His retirement after slightly more than a year is for health reasons, an industry source said.
Beijing-based director David Han will replace Lee and lead the four-strong investment team. Han presently oversees the firm’s Chinese investments.
Before joining Quad-C KAI, Han was an Asia director of business development (mergers & acquisitions) for manufacturing company Danaher. Prior to that, he was a global business development manager with software giant Microsoft, where he was responsible for strategic business investments in China.
Lee’s retirement coincides with Quad-C KAI Capital’s maiden deal in China. Earlier this month, the firm invested $25 million for a minority stake in Gongda Chemical Industry Equipment.
Quad-C is currently investing out of global fund Quad-C Partners VII, which has commitments of approximately $1 billion. However, the firm intends to begin raising capital for a China-focused fund at the end of the year, Han told PEI Asia in a phone interview.
Founded in 1989, Quad-C presently manages approximately $2 billion in assets.