KKR loses managing director in Singapore
Terence Lee, a managing director at KKR who leads technology, media and telecom (TMT) and growth equity investments in Southeast Asia, has left the firm.
The departure was first reported by Bloomberg and has since been confirmed to AVCJ by a source close to the situation. KKR declined to comment.
Lee joined the firm in 2010 after three years with CVC Capital Partners. Before that, he worked in investment banking for Morgan Stanley and Lehman Brothers. KKR promoted Lee from director to managing director in late 2019. He also serves on the global impact investment committee.
Current board memberships include Voyager Innovations, PropertyGuru, Gojek, and Weststar Aviation Services. KKR took part in Gojek’s Series D in 2016 at a valuation of $1.2 billion. The Indonesian ride-hailing and online-to-offline services giant is currently raising its Series H round with a target valuation of $9-10 billion.
The private equity firm has also made multiple commitments to real estate portal PropertyGuru and Philippines financial technology player Voyager, having backed them both for the first time in 2018. The former received $220 million in additional funding from KKR and TPG Capital last year after an aborted Australia IPO, while the latter secured $120 million last April.
KKR is currently raising its fourth pan-Asian buyout fund, which has a target of $12.5 billion. As of September 2020, it had secured approximately $13.1 billion in commitments. Recent confirmed LP participation includes UK-based Border to Coast Pensions Partnership, which is contributing $94 million.
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