Blackstone Adds Asia Staff

The Blackstone Group said on Monday it has hired Yi Luo from Carlyle Group and Edward Huang from Morgan Stanley‘s Asia private equity unit to fill senior positions in Asia, Reuters reported. Luo joined Blackstone in January 2012 as a senior managing director based in the firm’s Shanghai office and Huang joined as managing director based in Hong Kong earlier in March.

(Reuters) – Global private equity fund Blackstone Group L.P. said on Monday it has hired Yi Luo from Carlyle Group and Edward Huang from Morgan Stanley’s Asia private equity unit to fill senior positions in Asia.

 

News of the hires confirms earlier Reuters reports on the fund’s expansion.

 

Both men will focus on Greater China and report to Michael Chae, Blackstone’s Asia Pacific head of private equity and a former top New York dealmaker for the firm, who has been building a new team since arriving in the region in late 2010.

 

Luo joined Blackstone in January 2012 as a senior managing director based in the firm’s Shanghai office and Huang joined as managing director based in Hong Kong earlier in March.

 

Luo worked for Carlyle in Shanghai and Hong Kong for more than eight years as a senior global partner and managing director. He was a member of Carlyle’s Asia investment committee and the chairman of both Carlyle’s renminbi fund and its operating entity in China. He also worked at Goldman Sachs , Merrill Lynch and the People’s Bank of China.

 

Huang previously worked for Morgan Stanley Private Equity Asia in Hong Kong where, as managing director, he was heavily involved in one of the firm’s most successful private equity deals in Asia, the privatisation of Sihuan Pharmaceutical Holdings Group Ltd. That deal is regularly cited as an example of returns that can be made by identifying the right targets to delist.

 

Morgan Stanley’s private equity unit took Sihuan private in Singapore in 2009, identifying a company that required no additional work before relisting in Hong Kong in October 2010. The stock jumped 28 percent on its IPO, with top-end pricing valuing the company at 26.7 times 2011 earnings.