Steven Kwok has been named head of an Asian private equity joint venture of Bear Stearns and Eagle Investment Group. He previously was with Orchid Asia and, before that, was head of UBS Capital Greater China. The joint venture was announced earlier this year, with Bear Stearns and Eagle each committing up to $250 million.
The Bear Stearns Companies Inc. (” Bear Stearns”), a leading financial services firm, and Eagle Investment Group (“Eagle”), a Chinese investment firm, jointly announced today that Steven Kwok has joined as the head of their Asian-based private equity effort. In his new role, Mr. Kwok is responsible for managing the strategic alliance (the “Strategic Alliance”) between Bear Stearns, Bear Stearns Merchant Banking (“BSMB”) and Eagle. Through the Strategic Alliance, set up in early 2007, Bear Stearns and Eagle each pledged up to US$250 million to invest together, for a total co-investment fund platform of up to US$500 million.
The Strategic Alliance focuses on retail and consumer investment opportunities in
Mr. Wong Kwong Yu, founder of GOME Electrical Group, serves as the chairman of Eagle. Mr. Wong commented, “Mr. Kwok, with his wealth of knowledge, multi-cultural background and experience in private equity in
BSMB Chief Executive Officer Mr. John Howard commented, “We are incredibly excited about the opportunities that exist in
Mr. Donald Tang, Vice Chairman of Bear Stearns, added, “Steven is a significant appointment for us. His joining our team demonstrates our commitment to support the Strategic Alliance and to build on our success in investing in
Mr. Kwok joins the Strategic Alliance after serving as managing director and a key senior management member at Orchid Asia, an independent China-focused private equity fund managing more than US$450 million institutional capital. Prior to his tenure at Orchid Asia, Mr. Kwok was the head of UBS Capital Greater China and focused on growth capital investments. He also worked at The Carlyle Group in Asia and at Salomon Brothers in
About Eagle Investment Group:
Chaired by Mr. Wong Kwong Yu, Eagle Investment Group is an investment holding company managing Pengrun Property and Pengtai Investment as well as Beijing Centergate Technologies. Its operations span real estate development, construction, property management, pharmaceuticals, securities, asset management and information technology. In March of 2007 Eagle invested in GOME Electronics,
About Bear Stearns:
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in
Founded in 1997, BSMB is a leading institutional private equity firm focused on making equity investments in middle-market companies. BSMB primarily invests in the retail, financial services and consumer products sectors. BSMB manages more than $5 billion of private equity capital. BSMB's retail and consumer products investments include Balducci's, Everything But Water, Francesca's Collections, Harlem Furniture, New York & Company, Seven for All Mankind (exited in 2007), Stuart Weitzman, Transamerican Auto Parts and Vitamin Shoppe Industries. BSMB seeks to partner with entrepreneurs and experienced management teams. BSMB investments have included growth opportunities, corporate orphans, industry consolidations and special situations, as well as restructurings. Through this alliance with GOME, BSMB will utilize its proven strategies to help build consumer and retail companies in