(Reuters) – Pacific Alliance Group (PAG), an Asia-focused alternative investment manager, said on Monday that it has hired Weijian Shan, TPG Capital’s [TPG.UL] former top China partner, as group chairman and chief executive officer.
Shan, who left TPG earlier this month, would take the new position on July 1, it said.
After joining PAG, Shan would raise a new Pan-Asia private equity fund focused on large-size buyouts, structured transactions and strategic block investments, according to the PAG press release.
Shan would also maintain a business relationship with TPG, where he has worked for 12 years, and would continue to advise a number of TPG portfolio companies, it said.
Shan led TPG in its six-year investment in Chinese lender, Shenzhen Development Bank (000001.SZ), a deal the fund exited last month for more than $1 billion, or 16 times what TPG’s original investment.
PAG is one of the largest Asia-based alternative investment managers, managing about US$5 billion of capital. (Reporting by Maggie Lu Yueyang; Editing by Chris Lewis)