Actis Boosts Asia Operations, Adding Fong, Or

Private equity shop Actis has added Chester Fong as a senior adviser and Angus Or as director of operations in Asia, Reuters reported. Hong Kong-based Fong, an executive at Colgate-Palmolive, will advise on investments and portfolio management for Actis’ consumer team, while retaining his role as chairman of Colgate’s Greater China business, Reuters wrote. Or joins as a director from Heinz China.

(Reuters) – Private equity firm Actis said on Thursday it has made two senior hires to boost its Asia operations, one day after news that Providence Equity Partners had hired one of Actis’s partners to head its China investments.

Emerging markets specialist Actis has hired Chester Fong as a senior adviser and Angus Or as director of operations in Asia.

Hong Kong-based Fong, a 30-year veteran of Colgate-Palmolive , will advise on investments and portfolio management for Actis’ consumer team, while retaining his role as chairman of Colgate’s Greater China business.

Or joins as a director from Heinz China and will work with Actis portfolio companies across Asia to improve performance. He has more than 18 years experience in food and beverages at multinationals including Heinz, Yeos and Fonterra.

Actis has $4.6 billion assets under management in Asia, Africa and Latin America. The firm’s current investments in China’s consumer sector include hot pot chain Xiabu Xiabu, economy hotel firm 7 Days Inn, and education specialist Ambow.

U.S.-based Providence hired Tao Sun, a former partner with Actis in Beijing, and before that with Merrill Lynch & Co in Hong Kong. Sun will start work with Providence in December. (Reporting by Stephen Aldred; Editing by Jacqueline Wong)