CDH Venture co-founder takes step back following elopement announcement

Forty-nine-year-old Wang, who is currently married, made his announcement on Chinese microblogging site Sina Weibo, outlining his plans to escape with the 34-year-old founder of investment firm Zhongfu, Wang Qin. "To all friends and relatives, to all colleagues, I am giving up everything and eloping with Wang Qin. I thank everyone for the years of care and assistance, and wish everyone happiness! I have no way to face everyone's expectations and trust, and I have no way to explain this to everyone. I feel ashamed and so am leaving without saying goodbye. I kneel down and beg forgiveness!"

Wang co-founded CDH Venture Partners in 2006. The venture firm, which operates under the CDH umbrella, manages around $900 million. It focuses its investments in assets related to technology, healthcare, media and new energy. LPs include AXA Insurance Group, Adam Street Partners, IFC and Partners Group, as well as an array of state-backed funds in the US, Singapore and China itself.

Following the news of Wang's intended elopement, CDH, which has $5.5 billion in AUM, circulated a letter to its LPs noting that Wang "is taking some time off and that both the venture and private equity fund were operating normally," state-run Xinhua reported. In response, Wang yesterday posted on Sina Weibo that he would not be immediately be in touch regarding his decisions. "There are so many appointments and responsibilities that I can not make, so I will not turn on my mobile phone just yet. I don't care if my reputation is ruined," Xinhua translated in its report.

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• Topics
• Greater China
• Venture
• CDH Investments Management