Actis loses Southeast Asia head
Gary Addison, head of Actis’ Singapore office, has reportedly resigned after four-and-a-half years with the firm. Formerly a partner with 3i Group in London, he moved to Singapore in 2009 to lead Actis’ Southeast Asia operations, replacing Alun Branigan.
Addison has no plans to join another company, according to Reuters.
Actis, which span out from CDC, the UK's development finance arm, in 2004, recently agreed to buy the British government's 40% holding in the firm for for GBP8 million ($13 million) in cash plus a portion of the carried interest from three funds. When Actis management acquired a 60% stake in the business in 2004, it paid just GBP373,000.
Actis has $4.6 billion in assets under management and invests exclusively in Africa, Asia and Latin America. According to AVCJ Research, it has raised nine funds focused specifically on Asia: three China vehicles, three India vehicles, two South Asia vehicles, and one ASEAN vehicle. Its global funds also operate in the region.
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