China's Loyal Valley recruits ex-Blackstone executive

The appointment comes a few months after Loyal Valley closed its second US dollar-denominated fund at $465 million, exceeding the target of $400 million and the hard cap of $440 million. The Chinese GP, established in 2015 by Andy Lin, founder of China Universal Asset Management, is most active in consumer and healthcare. Many of its investments focus on two demographics: people born since the 1990s and those aged over 60.

Loyal Valley closed its first US dollar fund at $390 million in 2018 following a renminbi-to-US dollar restructuring. This deal involved three positions from the firm’s debut fund, an evergreen renminbi vehicle set up in 2015 that has $750 million in assets. Interests in ride-hailing platform Didi Chuxing, video-sharing service Bilibili, and drug developer Junshi Biosciences were among those rolled over.

Chi began his career in investment banking before joining MSPEA in 2008 as a vice president. After four years, he moved to Blackstone as a managing director. Chi participated in investments such as Xinrong Best Medical Instrument, China’s leading manufacturer of orthopedic implants, and HEC Pharm, a Hong Kong-listed drug developer.

Blackstone invested in China out of its global funds before raising a dedicated Asia vehicle of $2.3 billion in 2018. The firm said in January that it expects to return to market this year with a successor fund.

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• Topics
• Greater China
• People
• GPs
• China
• Loyal Valley Capital
• The Blackstone Group
• Appointments