Baring Asia executives forgo salary to support COVID-19 efforts

The money is expected to be channeled into at least 10 groups, with a preference for emerging markets within Asia, notably China, Southeast Asia and India, according to a source familiar with the situation. Three broad target areas have been identified: addressing social welfare needs such as food security or supporting those who have lost their jobs; providing personal protection equipment like masks; and ensuring business continuity for non-governmental organizations (NGOs).

Jack Hennessy, Kenneth Chong, Kosmo Kalliarekos, and Gordon Shaw sit on the investment committee alongside Salata. All four are managing directors who have been with the firm for between 10 and 22 years.

“For more than 23 years, BPEA has invested in the region and supported our portfolio companies with their growth across Asia and globally. During these very challenging times, we want to show solidarity with our CEOs, portfolio company employees, and our communities in doing our part to help,” Salata said in a statement.

Baring is the first Asia-based private equity firm to announce that senior executives would forgo salary to support efforts being made to contain the coronavirus pandemic and provide for those impacted by it.

Globally, Partners Group said earlier this month that co-CEOs David Layton and Andre Frei and the executive members of the firm’s board would make 100% of their base salaries available – over a period of at least six months – to hardship initiatives launched by portfolio companies. These contributions will be channeled through a dedicated fund that includes donations from other employees as well. Partners Group expects to commit around $10 million in total.

KKR has launched a similar effort, with $50 million said to have been pledged by executives and the firm itself for relief efforts. Henry Kravis and George Roberts, KKR’s co-founders and co-chairmen, and Joe Bae and Scott Nuttall, the firm’s co-presidents, are among those forgoing salary and bonuses in 2020.

Meanwhile, the likes of Apollo Global Management and The Blackstone Group have announced plans to donate money to organizations that support first responders and healthcare workers.

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• Topics
• GPs
• Asia
• Baring Private Equity Asia
• KKR
• Partners Group
• The Blackstone Group
• Apollo Global Management
• covid-19
• coronavirus