Auda has hired Lucian Wu as a managing director in its Hong Kong office, according to a statement.
Wu spent the last six years as a managing director at global fund of funds Paul Capital where he co-managed the Asia office. Paul Capital became a ‘closed-doors’ firm in March when it stopped its six-month search for a buyer. The firm returned capital from its last vehicle, Fund X, after it struggled to make headway last year. The firm has continued to manage out prior funds.
Wu is not the first Paul Capital executive to move on. Most recently, former head of investor relations Terry Wetterman joined speciality investment bank Hycroft and former managing director Todd Miller joined direct secondaries firm W Capital.
Paul Capital had declined to comment by press time.
At Auda, Wu will work with Jacob Chiu, who was appointed head of Asia and managing director earlier this year.
“We are fortunate to have been able to bring [Wu] onto our team to help us grow Auda’s private equity investment practice in Asia,” said the chief executive officer, Ernest Boles, in the statement.
Auda is expanding its presence in Asia, having opened its Hong Kong office in 2007 and Shanghai office in 2014, according to its website.
The firm invests in private equity funds in America, Asia and Europe using primary and secondary funds, as well as fund of funds and co-investment funds. Its latest secondaries fund is the 2012- vintage Auda Secondary Fund III, which closed on $332 million, above its $300 million target, earlier this year. One of the fund’s known LPs is the European asset manager Harald Quandt Holding, which founded Auda in 1989, according to the website.