Headland slims team to focus on portfolio management
Headland Capital Partners has seen the departure of two partners and slimmed down its investment team following the decision last September to suspend fundraising and focus on the existing portfolio.
With the exit of Paul Kang and Brian Chang, Headland has five partners - CEO Marcus Thompson plus two others focused on Southeast Asia and one each for China and South Korea - while the investment team now has 11 members, down from 18. This reflects a restructuring whereby the three teams covering the region have been consolidated into one devoted to generating returns from existing investments.
The Headland Private Equity Fund 6, which closed in 2008 at $1.47 billion, still has about three years to run. Eight portfolio companies remain, with one position exited since fundraising was suspended in September. Five of the portfolio companies are in Southeast Asia, two in China and one in South Korea.
According to a source familiar with the situation, Fund VI has generated a 1.6x return on realized investments. Unrealized investments include some exposure to the oil and gas services space, which is experiencing difficulties.
The Headland team has been investing in Asia since 1989, with recent funds targeting deals of $40-200 million in Greater China, Southeast Asia and South Korea. Fund VII, which launched in October 2014 with a target of around $1 billion, would have been the firm's first since spinning out from HSBC in 2010.
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