Joseph Wan leaves Cinven, forms Hong Kong family office

The new business, which Wan has founded alongside several industry colleagues with different areas of financial expertise, is still at a very early stage and primarily managing its principals’ money. Wan said that they see value in pooling capital and asset class expertise, hoping it will deliver access to attractive private investment opportunities and better service from counterparties like banks.

Wan spent more than a decade with Cinven, having joined the firm in 2008 after a 14-year stint with Boston Consulting Group. The firm’s website lists three portfolio team members with responsibility for Asia coverage. Only one, Tony Ling, an executive, is based in the region.

Cinven closed its seventh fund at EUR10 billion ($11 billion) in May 2019 – up from EUR7 billion in the previous vintage – and is sticking to the same strategy of buyouts in Europe and selective investments in North America. Asia has never been an investment destination. The firm opened its Hong Kong office to support portfolio company expansion and engage with potential Asian buyers.

Having a presence in Asia helped European companies build new sourcing and distribution networks or restructure existing ones. In terms of exits, Cinven, CVC Capital Partners, Oak Hill Capital and GIC Private sold aircraft leasing business Avolon to China’s HNA Group for $7.6 billion in 2015. This came one year after Cinven sold Pizza Express to Hony Capital for $1.5 billion.

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• Topics
• Greater China
• People
• GPs
• Hong Kong (China)
• Cinven
• Family office
• Operating partners
• Appointments