Ex-GA exec hits market with sophomore fund

Lupin Capital, an Asia-focused firm formed by an ex-General Atlantic executive, is eyeing $500 million for its sophomore fund, according to a person with knowledge of the firm.

Jeff Leng, former managing director in Hong Kong with GA, filed a Form D for Lupin Capital’s first fund in January 2015.

Fund I had a gross asset value of $143.5 million as of March 2017, the firm’s Form ADV said. Fund I was a friends-and-family-type fund while Fund II will be more institutional, the person said.

Leng did not respond to a request for comment.

He joined GA in 2007, prior to which he was a managing director at Warburg Pincus.

It’s not clear who else works with Leng at Lupin. Other names listed on Lupin’s Fund I Form D include Shaohuan Song and Su Lim, both listed as directors of Lupin Capital Fund I.

Ming Gu is listed on the Form ADV as founding member and senior research analyst. Gu worked at General Atlantic from 2011 to late 2014, according to his LinkedIn profile.

Lupin is one of several spinouts from larger firms in the market this year.

Another Asia-focused firm is Jeneration Capital Management, which is targeting $800 million for a new pool, Bloomberg reported in May. Jeneration was formed in 2015 and managed $2 billion.

Jeneration is led by a former Morgan Stanley tech banker, Jimmy Chang. Tony Zhang, ex-Asia head at Coatue Management, joined last year. Jeneration said in May it hired Jason Tan as partner and chief investment officer. Tan joined from Tiger Global Management.

Action Item: Check out Lupin’s Form ADV here: https://bit.ly/2L0zKkB