Goldman Sachs China chairman quits to launch PE fund
One of Goldman Sachs’ most senior dealmakers is stepping down to launch a multi-billion dollar China-focused private equity fund, according to Reuters. Fred Hu, a 13-year veteran of the Wall Street Bank, is to retire as partner next month, but will stay on with the firm in an advisory capacity.
Goldman is expected to help Hu launch the new fund, along with Singapore state investor Temasek Holdings and the investment arm of leading Chinese property lender China Construction Bank.
Hu has reportedly made several high profile deals in the country, including a $3.78bn investment for Goldman in Industrial and Commercial Bank of China in 2006, which now stands as the world’s largest bank by market value. In 2004, he helped China’s Bank of Communications sell a 20 per cent stake to HSBC Holdings.
No final agreement has been reached between Hu and investors, but the fund is reportedly expected to launch this year.
He is the latest high-ranking Goldman investment banker to join the private equity industry following Goldman partner Mark McGoldrick, whose new firm Mount Kellett Capital Management raised a $1.5bn buy-out fund in January 2009. Former senior Goldman banker and Temasek senior executive Frank Tang raised almost $1bn at new firm FountainVest for its first private equity fund in November 2008.
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Private Equity News» By News Type» People News
Private Equity News» By PE Sector» Buy-out
Private Equity News» By Region» Asia» China
Private Equity News» By News Type» People News
Private Equity News» By PE Sector» Buy-out
Private Equity News» By Region» Asia» China
