US private equity firm TPG Capital has appointed Steve Sun as partner in a move to boost its China team, a source close to the situation confirmed to PEI.
TPG declined to comment.
It was unclear at press time where in China Sun will be based. However, the source added that he will be joining Sing Wang, co-chairman of TPG China, and Ricky Lau, partner and managing director at the firm, in building its China operations.
Sun joins TPG from Goldman Sachs, where he was a managing director of the firm’s private equity unit Principal Investment Area. He joined PIA in May 2006 and was responsible for private equity investments in the Greater China region, including Shenzhen Hepalink Pharmaceutical and Taikang Life Insurance. Previously, he was an investment banker at Morgan Stanley in Hong Kong, General Electric and Citi in the US.
Sun’s appointment follows the departure of former TPG partners Mary Ma and Weijian Shan in February this year and June last year respectively.
While Shan went on to head Hong Kong-based Pacific Alliance Group in an effort to raise $2.5 billion for an Asia-focused buyout fund, Ma has set up her new venture Boyu Capital with Louis Cheung, formerly with China’s Ping An Insurance, and Sean Tong, former managing director at Providence Equity Partners.
According to media reports, Boyu is raising a $1 billion China-focused fund and a number of Chinese entrepreneurs and Hong Kong-based tycoons have already agreed to commit to the fund.