Hong Kong-based NewQuest Capital Partners has hired Daizong Wang as a partner as it prepares to open a mainland China office.
Wang will be based in Beijing and will be responsible for the firm’s office there – its first outside Hong Kong – which should open later this year. He joins China co-heads Bonnie Lo and Min Lin in expanding the firm’s China business.
Wang brings 20 years of China-focused private equity experience to NewQuest. Before joining NewQuest he was managing director at CVC Capital Partners in Beijing. He has served in senior management roles at various Chinese companies including Sinobo Group and restaurant chain Little Sheep Group. Wang also previously worked for 3i and Goldman Sachs in Hong Kong.
“Daizong is a seasoned private equity executive with deep leadership and transaction experience in China,” NewQuest managing partner Darren Massara said in the statement. “His addition allows NewQuest to continue to build on our strong track record in China – deepening our origination and operational capabilities through an on-the-ground presence and enhancing our ability to provide alternative liquidity solutions.”
Wang’s appointment comes amid rapid evolution in the China secondaries market. “Direct secondary transactions have now become a meaningful exit option for Chinese investors,” Wang said.
The firm expects to hold a first close this month on its third fund, NewQuest Asia Fund III, which is targeting $500 million for direct secondaries deals across Asia, as previously reported by Secondaries Investor. The fund was launched in the second half of last year and is being raised by UBS.
NewQuest currently manages two funds with total commitments of over $720 million and has acquired stakes in over 40 companies across Asia, according to the statement.
Its investor base includes Paul Capital Partners, HarbourVest Partners, LGT Capital Partners, Axiom Asia and the University of Oklahoma Foundation, according to PEI Research and Analytics.