L Catterton recruits co-head of Asia

Chen, who spent 19 years with TPG and co-led the firm's Greater China strategy, will lead Asia operations alongside Chinta Bhagat, Bloomberg reported. Bhagat joined L Catterton last year, having most recently served as head of private markets for South Asia at Malaysian sovereign wealth fund Khazanah Nasional.

It extends an ongoing overhaul of L Catterton's leadership structure in the region. Last year, 12 of the 14 Asia-based partners sought to spin-out under Ravi Thakran, then the chairman and managing partner. This never materialized, but almost all of the executives involved have since departed. Michael Chu, co-CEO of L Catterton, told Bloomberg that Thakran would become chairman emeritus, focusing on legacy investments and potentially working with the firm on other funds.

US-based L Catterton was formed in 2016 through the merger of Catterton's North American and Latin American businesses with L Capital's private equity and real estate operations in Europe and Asia. It claims to be the largest and most experienced consumer-focused PE firm globally, with some $20 billion in assets under management across six platforms. A strategic relationship with luxury goods giant LVMH is a key feature of the strategy.

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