Strengthening its capabilities in Asia Pacific, the Riverside Company has promoted Ivica Turza to managing director and head of Asia Pacific deal origination, the firm told Private Equity International.
Turza is the first member of the Riverside team based out of its newly-established Singapore office, which opened in March this year.
He joined the firm in 2008 and was previously based in its Munich office. Prior to that, Turza worked at Siemens for 10 years, most recently as director of strategy and M&A, spending close to five years in Asia.
“Singapore will be a very important office going forward. It is really focusing a lot on opportunities in the market – the pipeline right now is great and increasing as we speak,” Turza told PEI. He identified healthcare, education and consumer brands as particularly attractive sectors for the firm, which typically makes investments of between $75 million and $200 million.
What we are seeing are a lot of very attractive, regional and niche opportunities looking to internationalise. They want to get into bigger markets like Japan, Korea, Australia or the US, and therefore having a partner with a very strong presence globally is becoming more important
Ivica Turza, head of Singapore office and managing director, Riverside
While continuing to focus on Japan, Australia and Korea, Riverside has recently expanded its mandate to include other Asian markets – particularly Singapore and Malaysia.
“If we’re going to be in Asia, we’re not going to just stay in these mature economies when there is all this growth [elsewhere],” Béla Szigethy told PEI earlier. “[We like] the dynamism of the region, the wonderful work ethic of the people and the rising levels of GDP per capita that are coming into the range where consumer spending picks up significantly.”
The firm plans to continue building out its investment team at the senior level in Singapore, although the time frame and how many people the firm will hire depends on dealflow.
“[The office] will not keep just one or two employees if we are doing [a lot of] good deals. What we are seeing are a lot of very attractive, regional and niche opportunities looking to internationalise. They want to get into bigger markets like Japan, Korea, Australia or the US, and therefore having a partner with a very strong presence globally is becoming more important,” Turza explained.
Riverside is currently raising its second Asia Pacific fund, which has so far garnered $115 million toward its $150 million target, according to a source close to the firm.
A Riverside spokesman declined to comment on details of the fundraising, but told PEI, “We continue to be delighted with the level of interest and enthusiasm for our team in Asia and the investment opportunities throughout the Asia Pacific region.”