Sigit Prasetya named head of CVC Asia, Roy Kuan to retire

The appointment of Prasetya, who rose to prominence in Southeast Asia with deals such as Indonesia-based Matahari Department Store, was first reported by Debtwire. It has since been confirmed to AVCJ by sources familiar with the situation. CVC declined to comment.

Kuan will depart in about 18 months’ time, bringing to an end an 18-year career with CVC in which he has been instrumental in building the Asia operation. Kuan joined the business in 1995 when it was part of Citicorp’s private equity unit and helped set up CVC Asia Pacific four years later.

Brian Hong, currently a partner and member of the Southeast Asia team, will join Prasetya as co-head of Southeast Asia. Meanwhile, Hans Wang, a partner based in CVC’s Hong Kong office, will become head of Greater China and the regional team. The regional team is responsible deals that cover multiple Asian jurisdictions – such as last year’s take-private of funeral services business Nirvana Asia.

Yi Luo, a partner and head of China, who joined CVC from The Blackstone Group in 2016, will leave the firm, a development also reported by Debtwire.

CVC is the process of investing its fourth pan-Asian fund, which closed in 2014 at $3.5 billion. Kuan, Prasetya and Francis Leung jointly led the firm’s regional team at the time. Leung was chairman of Greater China but moved to a senior advisor role in 2016. Also last year, CVC appointed Eugene Suh, formerly of Unitas Capital, as a partner and Asia COO. He remains in place.

AVCJ understands that Fund IV is about 40% deployed. It had delivered a net multiple of 1.1x and a net IRR of 7.7% as of the end of the first quarter, according to a source. Fund III, which closed at $4.1 billion in 2008, was on 1.6x and 14%.

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• Topics
• Greater China
• Southeast Asia
• People
• Asia
• CVC Capital Partners
• Roy Kuan
• Sigit Prasetya
• Appointments