Warburg Pincus’s managing director in China, David Li, has resigned from the firm to found his own company, according to a firm statement provided to Private Equity International.
Li had been at Warburg Pincus in its Beijing office since 2002, according to his LinkedIn profile. Prior to that, he was an executive director in the investment banking division of Goldman Sachs for one year, and vice president at Morgan Stanley.
The firm’s statement said Julian Cheng and Frank Wei have been appointed co-heads of China and members of the executive management group, and that Li will continue supporting the firm in portfolio company matters.
Cheng, who joined the firm in 2000 and is based in Hong Kong, heads the technology, media and telecommunications (TMT) team there. Wei, who joined the firm in 2002, is based in Shanghai and leads the firm’s Shanghai healthcare team.
A source close to the matter told PEI that Warburg Pincus has 11 partners and 35 investment professionals in China, and, since 1994, has invested $5.5 billion in Chinese companies. The firm’s investments in China have included online marketplace 58.com, semiconductor producer RDA Microelectronics and mailing company ZTO Express.
Warburg Pincus manages $37.3 billion in assets, according to PEI’s Research & Analytics division.