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CVC manages around $46 billion of funds globally. In the Asia-Pacific region it has completed more than 30 investments with a firm value in excess of $19 billion including investments in: PBL Media, AustraliaÆs largest diversified media group; Amtek, a Singapore-based precision metal company; and Magnum, MalaysiaÆs largest lottery operator.
Zhu Wei joins CVC from Goldman Sachs where he was a managing director at Goldman Sachs Gao Hua Securities and headed investment banking coverage in Shanghai. Before he joined Goldman Sachs, Zhu was president of AT KearneyÆs Greater China region and Roland Berger China.
CVC is strengthening its China coverage with this hire. In August 2007 CVC appointed Francis Leung senior adviser with a mandate to source and manage investment opportunities in China. Leung was formerly chairman of CitigroupÆs investment banking business in Asia. Before that in 2005 Alvin Lam joined CVC from Boston Consulting Group as director focused on China deals. CVC veteran William Ho joined the firm in 1999 when it established in Asia and is responsible for CVCÆs investment activities in Hong Kong and China.
ôChina continues to be a highly attractive market for CVC and we are committed to China as a long-term and trusted investor,ö says Ho. ôCVC is excited to expand its presence in China with the new Beijing office.ö
Over the past two years CVC has completed investments in the Greater China region in: Plantation Timber Products, an MDF board supplier; Zhuhai Zhongfu, a plastic (PET) bottle manufacturer; Asia Dekor, a laminate flooring manufacturer; and Nien Made, a Taiwan-based manufacturer of window blinds and shutters.
Wei is following in the footsteps of seasoned China rainmaker and erstwhile colleague, Fang Fenglei, who announced in December last year that he would collaborate with Singapore's investment firm, Temasek on a $2 billion private equity fund, Hopu Investment Management, with a mandate to invest in the mainland. Fang Fenglei continues in his role as chairman of Goldman Sachs Gao Hua but is no longer involved in day-to-day activities.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
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SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.