PE firm CDIB Capital adds new MD

Oct 5, 2015

The private equity arm of Taiwan's China Development Financial announced five new joiners on October 5

CDIB Capital International Corporation announced that Taipei-based Steven Wu was promoted to managing director on October 5.

He joins existing managing directors based in Shanghai and Seoul in addition to two Hong Kong-based partners, chairman Paul Yang and president Lionel de Saint-Exupery.

Wu has worked for CDIB Capital for nine years, most recently as a senior vice president with China Venture Management. Before that he worked for WI Harper (Taipei) and Central Investment Holding Company for 18 years combined.

San Francisco-based Grant Lin joined as a senior vice president on the investment team, starting on September 22. Previously, Lin was based in Hong Kong, covering Asian consumer and retail sectors with Morgan Stanley (April 2010-September 2015) and UBS (September 2006-April 2010).

Wu and Lin are focused on sourcing, underwriting and portfolio management of cross-border China-Taiwan and China-US investments respectively. Their hires represent increases in CDIB Capital's headcount.

CDIB Capital Asia Partners LP closed on 31 July 2015 at $405 million. It is CDIB Capital's first fund open to third party investors and focused on in/outbound investment into China in the consumer and retail, advanced manufacturing and business services sectors. Currently, CDIB Capital manages over $1.1 billion.

In total, some forty five Asia-focused PE funds raised $22.5 billion in the third quarter of this year, up from $10.7 billion raised by 51 funds in the second quarter of 2015.

That contrasts with global PE fund raising which saw the lowest number of funds raised (170) on record in the third quarter of this year – down from 290 funds raised in the third quarter of 2014.

Some $116.9 billion was raised by PE funds globally in the third quarter of this year, down from $129.3 billion in the second quarter according to figures from Preqin.

CDIB Capital’s Hong Kong office also saw three new joiners, all starting in their new roles on September 22. Margaret Sang joined as compliance and administration vice president from SK Securities, where she was chief operating officer of the Hong Kong office.

"Previously, we did not have a [dedicated] compliance officer in Hong Kong" explained a spokeswoman for CDIB Capital.

Elizabeth Lee joined as investor relations assistant vice president from Goldman Sachs. Lee replaces Pamela Fang who left in November 2014 to join PE firm Actis Capital.

Nicole Sham joined as fund accountant from Citigroup (Asia)’s private equity services division where she also worked as a fund accountant. Her role is an addition to the team.