HONG KONG: Paul Yang, partner and head of Greater China at KKR & Co, recently stepped down to take on an advisory role with the private equity firm, two people familiar with the matter told Reuters.
Yang, originally from Taiwan, was previously chairman and chief executive of China Development Financial Corp, a Taiwanese merchant banking group.
Yang, who joined KKR in 2017, has previously worked at several financial institutions, including DBS Bank where he was responsible for private equity and mezzanine financing, Goldman Sachs and General Atlantic, according to KKR’s website.
Yang, who is based in Hong Kong, decided to quit for personal reasons, one of the people said. His new role will come into effect on July 1.
Yang and KKR declined to comment.
KKR has made 10 investments in China since 2017, according to its website, including a stake in Chinese social media giant Bytedance, educational app Huohua Logic and premium liquor company ZJLD Group.
The firm currently has 35 investment professionals in Beijing and Shanghai.
He is expected to appoint a new Greater China chief who will be based in mainland China, said one of the sources, who declined to be identified as the information was not public.