Jay McLennan, ex-president of Lone Star's Asia Pacific operations has joined Crescent Point as a partner and managing director. Crescent Point, an emerging markets private equity firm, was established in 2002 by a team of ex-Morgan Stanley investment bankers, Sami Sindi, Richard Scanlon and David Hand. The firm's primary offices are in Singapore and New York.

McLennan's arrival coincides with the launch of Crescent Point's new Asian focused special opportunities fund, which the firm says will take advantage of a strong pipeline of proprietary special situation opportunities in Asia. The firm invests in private equity as well as structured asset backed, special situations, and venture capital related investments

The Crescent Asian Special Opportunities Portfolio I will deploy up to $125 million of discretionary capital from the fund's global investors and a larger pool of co-investment capital across the region.

Crescent Points' recent high profile investments in Asia include the largest pre-IPO investment AirAsia, the Malaysia-based discount airline, and pre-REIT investment in major strata title interests in Singapore's landmark commercial complexes, Ngee Ann City and Wisma Atria.

Commenting on the new addition to the team, the Crescent Point partners say, "Jay's addition is extremely timely given that there are exciting opportunities in regional emerging markets. His strong track record will help to attract greater global investor interest and strengthen our strategic investment management capabilities in the region."

McLennan brings 18 years of experience in direct investment, real estate and distressed debt globally. As president of Lone Star Asia for the last four years, he led all of Lone-Star's funds investments in the Asia Pacific region and presided over Lone Star's move into Taiwan's non-performing loan market, particularly in Taiwan.