An investment director at Hong Kong-based Squadron Capital, Anand Prasanna, has left the fund of funds, according to sources with direct knowledge of the matter.
Squadron declined to comment.
The departure comes only weeks after Connecticut-based fund of funds FLAG Capital acquired the business to bolster their presence in the region. Financial terms of the transaction were not disclosed, but by partnering with Squadron, which has $1.5 billion of assets under management, FLAG will bring its total assets from about $4.7 billion to more than $6 billion.
“As with all M&A, there are team changes,” one source close to the firm told PE Asia.
The executive departure is Squadron's second this year. In June, managing director Boris Bong also left the firm to join JPMorgan’s private equity team in Hong Kong PE Asia reported earlier.
Prasanna already has his next move in place, sources confirmed, but his next position will not be disclosed for another week. Prasanna was at the firm for four years, based in Hong Kong. Previously, he worked at Sequoia Capital and McKinsey & Co in India.