David Lin leaves CITIC’s Goldstone for Primavera Capital
David Lin has left his post as managing director at CITIC Goldstone Investment - the direct investment arm of China’s CITIC Securities - to join Primavera Capital as managing director at its Beijing office.
The moves comes six months after Goldstone's chairman and CEO Yibing Wu left the firm to become senior managing director and head of China for Temasek Holdings. During the same period AVCJ learned that Goldstone would mothball its US dollar fund, which had a target of $800 million.
While that fund has since been discontinued, the firm remains active on renminbi side, raising capital for its RMB5 billion ($817 million) vehicle launched in 2012.
Goldstone Investment was incorporated in October 2007 with RMB5.2 billion of registered capital. The firm launched its buyout fund after state-owned CITIC Securities received approval from the China Securities Regulatory Commission to set up a private equity fund and raise third-party capital in April 2012.
Beijing and Hong Kong-based Primavera was founded by the former Greater China chairman of Goldman Sachs Fred Hu and manages both renminbi and US dollar funds, employing an investment strategy of growth capital, buyout and control, and special situation. Earlier this year, the firm agreed to support a buyout of NASDAQ-listed Chinese online game developer and operator Shanda Games that values the company at $1.9 billion.
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