Seasoned Investor Brings Two Decades of Experience in Region As
Firm Seeks to Expand Scope of Investments and Create More Cross-Border
HONG KONG & BEIJING--(BUSINESS WIRE)--
KKR today announced the appointment of Paul Yang, current President and
CEO of China Development Financial Corporation ("CDFC") as Head of
Greater China, effective January 2017.
The appointment follows KKR's recent announcement that it would expand
its Asia-Pacific leadership team with the addition of senior investment
talent in China, Singapore and Korea. In particular, Zhen Ji recently
joined as a Managing Director of KKR China from CITIC Capital. The team
build-out prepares KKR for its next decade of investing in Asia-Pacific.
"Paul Yang brings 20 years of investment experience to KKR. He is well
versed in private equity, venture capital, corporate and commercial
banking, and he has a proven ability to effect M&A and lead
a multibillion-dollar enterprise throughout Greater China," said Joseph
Y. Bae, Managing Partner of KKR Asia. "As we head into our next decade
of investing in China, we plan to continue to expand our scope of
investments to include more mid-cap buyouts, cross-border deals and
opportunities related to the domestic consolidation there, as well as in
continuing to participate in growth-oriented investments."
As President and CEO of CDFC, one of the oldest and largest regional
merchant banking groups in Asia with over $20 billion in
assets, Mr. Yang supervised the group's significant investments and led
a team of 7,000 people across its operations in Hong Kong, Taipei,
Shanghai, Seoul, Singapore, Bangkok, and Jakarta. Having joined CDFC in
2005 as its Chief Investment Officer and head of its private equity
business, he was promoted to his current role in 2011. During his
tenure, Mr. Yang successfully restructured its then-proprietary private
equity operation into a fast-growing asset management franchise and is
credited with completing a series of strategic acquisitions in banking
and securities that has transformed CDFC.
"China's macroeconomic development has been robust the past few years,"
said Ming Lu, Member of KKR and Head of KKR Asia Private Equity. "I look
forward to working with Paul Yang, Zhen Ji, and the KKR China team to
continue accelerating the build-out of our business in China. By
leveraging the current challenges and opportunities in China, we will
continue to grow our business and rely on our core investment and
operational capabilities to create value hand-in-hand with enterprises
under the new team structure."
Mr. Yang will join as a Member of KKR and Head of Greater China. David
Liu, KKR Member, former Co-Head of KKR Asia Private Equity and Head of
Greater China, and KKR Member Julian Wolhardt will leave KKR at the end
of this year and will transition to being KKR Advisors. Based in Hong
Kong, Mr. Yang will lead the team and business development in Greater
China, chief of which will involve leading a team of over 20
professionals in the Beijing office as the firm continues building its
KKR launched its operations in Asia in 2005 and now has seven offices
across the region. In China, KKR has led a series of landmark private
equity deals in areas such as food safety, environmental services,
financial services, healthcare and education. In keeping with the
changing market environment, KKR has been expanding its investment scope
to include cross-border M&A and state-owned enterprise restructurings.
"We are extremely proud to have contributed to building a leading Asian
private equity platform over the last 10 years and achieved remarkable
results. While we will be leaving to form our own investment firm,
Julian and I will continue to have deep and strong ties with KKR and the
team in China. We look forward to finding opportunities to work in
partnership with Paul, Zhen Ji and KKR in the future," said David Liu.
Since entering Asia in 2005, KKR has completed over 60 private equity
transactions across the region with a cumulative investment of over $10
billion. KKR's current flagship $6 billion Asian Fund II, the largest
private equity fund raised in Asia, is generating strong returns for
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and
on Twitter @KKR_Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160920005733/en/
Anita Davis or Steven Okun
Source: KKR & Co. L.P.
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