Most recently, global mid-market secondaries specialist Greenpark Capital has hit the headlines with the opening of its Hong Kong office and appointment of Chin Chin Teoh, former managing director and co-head of the Asia Private Equity Group at Bank of America Merrill Lynch, as head of Asia. Reuters reported the firm has launched a $500 million global fund to invest in private equity secondary markets, with a $100 million cornerstone investment from International Financing Corp, the finance arm of the World Bank, acccording to sources. The fund will intitally invest in Asia.
At the end of last month, Reuters reported Blackstone Group had hired Ed Huang from Morgan Stanley‘s Asia private equity unit as a managing director for China. Huang joins Yi Luo, senior managing director, who joined Blackstone last year from Carlyle Group. And in January CVC Capital Partners appointed James Wei as senior advisor to CVC Asia Pacific. Wei supports CVC’s activities in the consumer and retail sector in Asia.
Total private equity funds raised in Asia remained more or less static in 2011, $279.3 billion from 686 vehicles, compared to $277.7 billion raised in 2010 from 749 vehicles, according to figures from Thomson Reuters. Fundraising in Asia has been on a steady decline since it reached a peak in 2008 at $683.1 billion in 1,347 funds. This may explain the growing demand for recycling investment opportunities in the secondaries market, which Greenpark Capital has cited as its reason for opening its Hong Kong office and also brings us to our highlighted job position this week, which is for a Hong Kong-based investment/senior associate position within the secondary team at global funds-of-funds manager HarbourVest. The firm is also recruiting for the more junior position of investment analyst and associate for its partnership team based in Hong Kong.
***Job of the Week***
Position: Investment Associate / Senior Associate, Secondary Team
Location: Hong Kong
Firm Description: Private equity fund-of-funds manager investing in venture, buyout, mezzanine and distressed markets in the United States, Europe, Asia Pacific, and emerging markets through primary partnerships, secondary purchases, and direct investments.
Job Description (as cited via HarbourVest website): An opportunity for a driven individual to gain substantial, diverse investing experience with a global private equity fund-of-funds. The secondary investment team is looking for an associate / senior associate to join the Hong Kong based team. The team focuses on transactions of secondary interests in existing partnerships and direct investment portfolios.
Key Responsibilities (as cited via HarbourVest website):
The associate / senior associate will work closely as part of the deal team in the identification of secondary opportunities, investment analysis, due diligence, investment recommendation and negotiation, and investment monitoring. This includes, but is not limited to, partnership and company modelling, qualitative and quantitative analysis of managers, capital structures, and relevant industries, and the coordination of the closing process.
The successful candidate will be expected to lead smaller transactions (from sourcing and analysis to closing) as the junior investment professional, while supporting senior investment professionals in larger transactions. In addition, the successful candidate will participate in tracking secondary investment performance and analyzing the results.
Qualifications (as cited via HarbourVest website):
– Excellent academic track record
– Three to seven years work experience in Asia gained in one of the following: private equity, investment banking, strategic consulting, or accounting.
– Candidates should possess strong numerical reasoning, financial modelling and valuation skills.
– Excellent English communication skills both written and verbal. Additional Asian language skills are desirable. Should have thorough knowledge of Excel, Word, and PowerPoint.
Salary for equivalent role (based on 2011-2012 Holt-Thomson Reuters PE/VC Compensation Report; this does not come from HarbourVest):
Senior associate position at a fund-of-funds firm – $136,500 (average base salary); $247,600 (average base salary + bonus)
Contact: See HarbourVest website. Or email CV and a short covering letter with the subject title “Application for HarbourVest Position – [Position]” stating the position for which you are applying to: Kelvin Yap(email@example.com).
For further private equity career opportunities see our peHUB career center, co-hosted with eFinancialCareers.com.
(Photo by Aonthip Aorthong/Shutterstock)