Jingsheng Huang, a Shanghai-based managing director who had been with Bain since 2005, will start in his new role in late August, said one of the sources, who declined to be named because the matter was not yet public. TPG has been on the hunt for senior partners after losing two of its top dealmakers, Mary Ma and senior partner Weijian Shan, who both left to set up their own funds.
The firm is raising two 5 billion yuan ($774 million) funds, in Shanghai and Chongqing, and is looking to build a team of between 12 and 15 to source deals and manage assets in China. In May, TPG hired Chinese dealmaker Steve Sun, a principal from Goldman Sachs, who is expected to be made a partner. Huang is also expected to be a partner at TPG and together with Sun is joining a China team that includes Sing Wang, a former Goldman executive, and Ricky Lau.
As China’s private equity industry grows, a series of high-profile Chinese private equity executives have quit global firms and joined start-up China-focused funds, even as
Mary Ma left TPG earlier this year to set up
Huang had joined Bain from
(Stephen Aldred is a correspondent for Reuters in Hong Kong.)