Squadron founder resurfaces at Auda

The firm has appointed Jacob Chiu as head of Asia and opened an office in Shanghai.

Fund of funds Auda International has hired Jacob Chiu as managing director and head of Asia as the firm opens an office in Shanghai, according to a statement.

Chiu will be based out of the newly-established location, which is the firm’s fifth office globally and second in Asia.

He joins from FLAG Squadron Asia, where he was a partner and had previously co-founded Squadron Capital, which was acquired by FLAG in October 2012. At FLAG Squadron, Chiu was responsible for overseeing investments in China and pan-Asian funds, as well as co-investments in China.

Chiu left FLAG Squadron along with partner David Pierce in June last year. 

“The Auda Shanghai office will facilitate our expanding investment research efforts in China, Asia’s largest private equity market,” Ernest Boles, chief executive of Auda, said in a statement.

“We are fortunate to have been able to recruit Jacob Chiu, one of the most experienced private equity fund investors in the region, who will join our growing team and oversee the opening of Auda’s new office in Shanghai,” he added.

Chiu will report to Steve Wesson, global head of Auda’s private equity business.

While the fund is bolstering its presence in the Asia Pacific region, Auda has also had recent success in the West.

At the end of December, the firm closed its latest secondary fund on $332 million, exceeding its $300 million target, Private Equity International reported earlier.

The vehicle collected more than 60 percent of the capital from Auda’s existing investors, attracting 12 new institutional investors from both Europe and the US, representing more than 30 percent of ASF III’s committed capital.

Auda International was founded in 1989 and offers primary fund of funds, secondary fund of funds, direct co-investment funds and separately managed accounts. The firm has investment teams in the US, Europe and Asia and has a total of $5.3 billion of assets under management.