Two top Asia-based executives from the Canadian Pension Plan Investment Board (CPP Investments) have quit the firm, DealStreetAsia has learnt.
CPP Investments’ head of Asia private equity, Frank Su, has left the organisation, while managing director Roy Kim, has also quit, CPP Investments confirmed. The firm did not say who will take over Su’s and Kim’s roles.
Private Equity International had reported on the departure of Su earlier on Friday.
Su, who has spent nearly 11 years at the $632 billion fund, oversaw funds, secondaries, and direct PE investments across Asia Pacific at CPP Investments. According to Su’s LinkedIn profile, he has also been on the board of directors of Nord Anglia Education since December 2017, the international school operator that CPP Investments reinvested in recently. He was based in Hong Kong.
Meanwhile, Kim, who joined CPP Investments from BlackRock in 2016, worked on PE fund commitments and secondaries in Asia. He was based in Hong Kong. Kim was also at HarbourVest Partners, focusing on global private equity secondaries.
According to Mergermarket, which reported Kim’s departure, Kim is set to join TPG NewQuest, the Asia secondaries-focused investor.
Separately, Mergermarket also reported that two of TPG NewQuest’s founding partners, Bonnie Lo and Min Lin, are leaving the firm.
TPG NewQuest declined to comment when contacted by DealStreetAsia.
“We have a strong team in Asia who will continue to build on the important portfolio we have in the region,” a CPP Investments spokesperson said in response to DealStreetAsia questions on the impact of Su’s and Kim’s departures on the firm.
Apart from Su and Kim, CPP Investment’s PE Asia team has about 30 professionals led by managing director Jason Hu, who works on direct investments; managing director Richard Law, who focuses on fund commitments and secondaries; managing director Rachel Zhao, who leads direct investments focused on Greater China; managing director Jung Yup Lee, who focuses on investments in Asia; and Prakul Kaushiva, who leads direct PE investments in India.
As of June 30, 2024, the CPP Fund had net investments totalling C$132.9 billion (21% of the total assets under management C$646.8 billion) in Asia Pacific, which is the most invested region outside of North America.
