Headland names Raffini, Thompson as chairman and CEO

Senior Partner Douglas Ng has also been promoted from his investor relations role to head of corporate development where he will take on a wider remit.

As CEO, Thompson will assume further responsibility for Headland's strategic and operational initiatives while Raffini's investment committee duties and his general involvement in deal making remains unchanged.

Raffini said he is "most positive about Marcus assuming this wider role given our over 20 years as colleagues and his work in promoting best practices, teamwork and a performance-oriented culture at Headland."

As HSBC Private Equity Asia, the team that now runs Headland raised six regional funds with aggregate capital of approximately $2.9 billion. The parent company contributed less than 30% of this. Two vehicles are still active - Headland Private Equity Fund 6 and Headland Private Equity Fund 3 - with about $2 billion in committed capital.

The spin-out was driven by uncertainty regarding HSBC's future involvement in private equity given impending regulatory restrictions on bank exposure to the asset class. An 18-strong management team now owns 80% of Headland, with HSBC holding the remainder.

The GP targets deals in Greater China, South Korea and Southeast Asia. Recent transactions include the purchase of a minority stake in Miclyn Express Offshore, which supplies vessels to the oil and gas industry, and portfolio company Unison eTech's acquisition of another South Korean construction equipment manufacturer.

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