US-headquartered private equity group TPG Capital has added Asia to the portfolio of Stephen Peel who is currently responsible for Russia and Eastern Europe.

Peel, who is a partner at TPG, will now head the firm's investing activities in Greater China, Southeast Asia and India, as well as in Russia/Eastern Europe.

Peel has been running the investment firmÆs Russia operations since 2006 when the firm became an early mover into the private equity space in Russia, opening a Moscow office. He was a founder of TPG CapitalÆs European office in 1997 and subsequently set up the firm's activities in Eastern Europe and Russia.

Peel joined TPG from Goldman Sachs in Europe where he was an executive director. Peel worked in the US investment bankÆs principal investment area based in London and Frankfurt between 1994 and 1997. From 1989 to 1993, Peel worked in the investment banking division of Goldman Sachs based in London.

Peel replaces Dan Carroll who led TPGÆs Asia business from Hong Kong until December and will continue to oversee the business from the US. Carroll is also a partner at TPG and a veteran who joined the firm in 1995 from technology-focused investment firm Hambrecht & Quist.

Media has speculated that Carroll has been moved out because TPG was unhappy with the performance of its Asia business under his leadership. But TPG refutes this.

"Dan is a senior partner in TPG's Asian operations and has returned for family reasons to San Francisco where he worked from 1995 to 2005,ö says Owen Blicksilver, a TPG spokesman. ôFollowing Dan's decision, Stephen Peel, a long time senior partner at the firm, agreed to move to Hong Kong when Dan returned to the US."

Blicksilver terms the transition as totally planned and further says that Carroll was only supposed to stay in Hong Kong for two years but stayed three at the request of TPG.

Since it was founded in 1992, TPG has raised over $50 billion of capital to invest in private equity, venture capital and public equity and debt opportunities across industries and geographies. TPG has been investing in Asia since 1994 through its offices in Hong Kong, Mumbai, Beijing and Singapore.