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Well-known LP, Ya Tung, to leave Grosvenor for new venture

The dearth of experienced professionals is exacerbating the pressure on LPs who are dealing with a crush of new funds in market, and re-up requests at unprecedented rates.

An experienced limited partner, Ya Tung, will leave her perch at GCM Grosvenor over the next few months to start a new role with a family office, sources told Buyouts.

Tung’s move is among several that have happened in the limited partner world, where well-known LPs are sought after by firms and institutions for their knowledge and contacts.

“Finding talent is tough on the LP side,” said an LP who recently moved to a new role. The dearth of experienced professionals is exacerbating the pressure on LPs who are dealing with a crush of new funds in market and re-up requests at unprecedented rates.

Tung will leave some time over the summer, one of the sources said. It’s not clear if the firm will move someone directly into Tung’s role. She worked as a managing director focused on private equity.

She will take up a new role starting a family office, one of the sources said. Details of that venture were not available, and Tung did not respond to a comment request.

Tung joined Grosvenor in 2017, according to her LinkedIn profile, Before, she worked at Goldman Sachs in various capacities, including as a vice president in the AIMS private equity group, her profile said.

Grosvenor’s private equity program managed more than $27 billion across 1,175 investments and more than 455 GP relationships, according to the firm’s website. The firm works on fund commitments, secondaries and coinvestments.

Other recent LP moves include Liam Daul, who left New Jersey’s treasury and joined Nippon Life Global Investors Americas in March to focus on private equity, Buyouts previously reported; and Leo Chenette, a former managing director with BlackRock Private Equity Partners, joined New York State Common Retirement Fund in April to work on PE investments.

Correction: An earlier version of this article misspelled Leo Chenette’s name. The report has been updated.