Providence hires Actis’ Tao Sun to head China business

Sun joined Actis in 2008 and most recently served as a partner in the Beijing office. Prior to that, he worked for Merrill Lynch, taking responsibility for private equity deal execution and portfolio management in China.

"We are delighted to welcome Tao to Providence and believe his knowledge of Greater China and experience working with a wide range of companies in the market will further complement our high-caliber team in China," Jonathan Nelson, CEO of Providence, said in a statement.

Providence's China holdings include Qiyi, an online video site that is run as a joint venture with Baidu. The private equity firm committed $50 million to Baidu's $10 million. Providence is also a backer of US firm Hulu, one of the leading online video sites in the US. In January, the private equity firm was one of a group of investors that picked up Sir Run Run Shaw's 26% stake in Hong Kong broadcaster TVB for a reported $1.3 billion.

Sean Tong, Providence's Hong Kong-based managing director, left the firm earlier this year to join Boyu Capital, the private equity shop set up by Mary Ma, former managing director of TPG Capital, and Louis Cheung, former general manager of Ping An Group.

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• Topics
• Greater China
• People
• GPs
• China
• Providence Equity Partners
• Actis Capital
• Boyu Capital
• Appointments