Hu leaves Goldman for own fund
Dr Fred Hu, Managing Director and Chairman of Greater China at Goldman Sachs, is reportedly following a recent trend by quitting the star investment bank after only two years in his current role to launch his own private equity fund.
Hu, 46, had already announced his retirement from Goldman after 13 years with the bank, commencing with his 1997 appointment as chief Greater China economist, making him one of its longest-serving China executives. He will ostensibly continue as an advisory director at Goldman, which has also been cited as a probable LP in his new fund, alongside Singapore SWF Temasek Holdings and a China Construction Bank investment division. If correct, this would give Hu's prospective LP base strong similarities to Hopu Investment Management, the pan-Asian private equity firm formed by his former colleague and fellow rainmaker Fang Fenglei, ex-chairman of Goldman Sachs Gaohua Securities, who raised $2.5 billion for his Hopu USD Master Fund I. Hu's track record at Goldman includes the 2006 $3.78 billion investment in Industrial and Commercial Bank of China, part of which was exited last year for almost $1.9 billion.
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