Published by Bloomberg – 20th September 2016
Private equity firm KKR & Co. said Paul Yang, the president and chief executive officer of Taipei-based merchant bank China Development Financial Holding Corp., will head its greater China operations from January next year.
The announcement comes as two of the executives who helped to build KKR’s China business head for the exit.
“Paul Yang brings 20 years of investment experience,” Joseph Y. Bae, managing partner of KKR Asia, said in an e-mailed statement. “He is well versed in private equity, venture capital, corporate and commercial banking,” Bae said, also citing Yang’s experience in mergers and acquisitions and in leading a multi-billion-dollar enterprise at China Development Financial.
In China, KKR plans more mid-sized company buyouts and cross-border deals, along with investments connected with growth opportunities and industry consolidation, Bae said. Yang will be based in Hong Kong and head a team of more than 20 in Beijing, KKR said.
David Liu, head of China and co-head of Asia private equity, and Julian Wolhardt, a partner in the firm, are leaving at the end of this year to form a China-focused investment firm, KKR said previously.
Liu and Wolhardt oversaw some of KKR’s biggest investments in China including stakes in China Modern Dairy Holdings Ltd. and Fujian Sunner Development Co.
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