Successful spinouts
AFFINITY EQUITY PARTNERS
Started as UBS Capital Asia Pacific and served as the Asian private equity arm of UBS AG. KY Tang and then, partner, David Lai spun out as an independent firm in March 2004. The same year, Affinity raised its first fund with $700 million in commitments. In 2007, Affinity raised its next fund Affinity Asia Pacific Fund III with $2.8 billion of investor commitments.
UNITAS CAPITAL
The Unitas Capital team originally founded J.P. Morgan Partners Asia (at the inheriting parts of Chase Capital Partners' Asian operation) in 1999 and then became known as CCMP Capital Asia in 2005 when spun-off from JP Morgan. The firm was rebranded as Unitas Capital in January 2009.
CVC ASIA PACIFIC
Established in 1999 as a joint venture between CVC Capital Partners and former corporate parent Citigroup with a $750 million fund. The hugely successful first fund allowed subsequently bigger funds including a $1.975 billion and a $4.1 billion second and third funds.
HEADLAND CAPITAL PARTNERS
Headland's team began investing in 1989 and operated its business as HSBC Private Equity (Asia) until 2010. In November 2010, Headland's senior executives completed the management buyout of the business by acquiring 80.1% of HPEA and re-naming the company, Headland Capital Partners Limited. The HSBC Group retains a 19.9% interest in Headland.
MOUNT KELLETT CAPITAL MANAGEMENT
Mount Kellett was founded by Mark McGoldrick, who was once one of the top-paid partners at Goldman Sachs before departing the bank in 2007. The firm raised its debut fund, MKCP, with approximately $3 billion in aggregate capital commitments in 2009, focusing on global distressed, special situation and opportunistic investing. Headquartered in New York, it operates regional offices in Hong Kong, London and Mumbai.
CDH INVESTMENTS
Wu Shangzhi, the former head of China International Capital Corporation's (CICC) private equity unit, spun out CDH Investments form the investment bank in 2002. The firm now operates a $3 billion China-focused fund, managed by more than 50 professionals. It targets buyout and PIPE investment opportunities.
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