Actis Hires Cerberus’ Wang for China Office

SINGAPORE (Reuters) – Private equity firm Actis said on Wednesday it has hired Jiansheng Wang from rival Cerberus Capital Management as a partner based in its Beijing office.

Wang, previously managing director of Cerberus’ China operations, will help Actis, which is best known for its deals in Africa and India, source for investments in China as well as work with the firm’s financial services team.

“Jiansheng will deepen our understanding of the financial services sector in China domestically and regionally,” Actis senior partner Paul Fletcher said in a statement.

Actis, which has $4.8 billion in funds under management, will benefit from Wang’s network of relationships in the Chinese government forged during his time with the World Bank’s International Finance Corp and Cerberus, the firm added. (Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)