
Lucian Wu leaves HQ Capital

Secondaries specialist Lucian Wu has left his role as a managing director with HQ Capital in Hong Kong.
The departure was confirmed by sources close to HQ and by sources close to Wu himself. Both sides declined to comment.
Wu (pictured) joined the firm in 2014 after Paul Capital – where he served as co-head of Asia – began to wind down its global operations. He was recruited to lead HQ’s regional secondary practice as the firm sought to expand its footprint in Asian private equity, making numerous hires across different strategies.
In 2018, HQ closed its debut Asia secondaries fund at the hard cap of $250 million, becoming the only international multi-strategy firm to have a dedicated secondaries vehicle for the region. A global fund closed at $503 million around the same time. The goal was to pursue middle-market deals in the $15-25 million range, including LP interests in funds, recapitalizations, and direct positions in companies.
In 2019, HQ added to its secondaries capabilities with the appointment of Motoya Kitamura, previously managing partner of Japan secondaries specialist AB Value Capital Partners. However, Kitamura departed in September of last year.
The source close to HQ said that Jacob Chiu, another managing director, is now leading the firm’s secondaries investments in Asia, alongside primary and co-investment coverage.
HQ originated in 1989 from the Harald Quandt family office in Germany, which remains the anchor investor. The firm took on its current form in 2015 through the combination of Auda Private Equity, Real Estate Capital Partners, and Equita. It currently manages $8.3 billion in PE capital commitments.
Last year, HQ raised $750 million for its latest global private equity fund, which pursues primary, secondary and co-investments in Asia, Europe, and the US.
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