TPG poaches Bain executive

Bain Capital's Jingsheng Huang is moving to join rival TPG's China office and will begin his new role in late August. TPG is currently raising two separate RMB funds in Chongqing and Shanghai.

TPG Capital has  secured the services of Jingsheng Huang from Bain Capital’s Shanghai office.

Huang is expected to start his new role as a partner in late August, a source confirmed to PE Asia. He joins a team consisting of dealmaker Steve Sun, formerly a principal from Goldman Sachs who was hired by TPG as partner in May, Sing Wang, co-chairman of TPG China, and Ricky Lau, partner and managing director at the firm, in building its China operations.

It is unclear if succession plans at Bain have been made as neither TPG nor Bain commented by press time.

TPG has been looking to fill the void left by the departures of dealmakers Mary Ma and Weijian Shan. 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.

TPG is concurrently raising two RMB vehicles of RMB5 billion (€579.7 million; $735.5 million) each in Chongqing and Shanghai.

Huang joined Bain in 2005. He was previously a managing director at (Softbank Asia Infrastructure Fund) SAIF where he was responsible for its China operations. Prior to his investment career, Huang worked as director of research operations at GartnerGroup and was co-founder/vice president of marketing at Mtone Wireless.

Boston-headquartered Bain Capital is expected to formally launch fundraising for its second Asian fund. Industry sources told PE Asia in March that the fund would have a $2 billion target. The firm is expected to move further away from earlier stage deals, a specialty of Huang, sources told PE Asia.