HONG KONG (Reuters) – Paul Yang, partner and head of Greater China at KKR & Co, has recently stepped down to take an adviser role with the private equity firm, two people familiar with the situation told Reuters.
Yang, a Taiwan native, was previously the president and chief executive of China Development Financial Corp, a Taiwanese merchant banking group.
Yang, who joined KKR in 2017, has in the past worked at a number of financial institutions including DBS Bank where he was head of private equity and mezzanine finance, Goldman Sachs and General Atlantic, according to KKR’s website.
Yang, who is based in Hong Kong, has decided to step down due to personal reasons, said one of the people. His new role will be effective July 1.
Both Yang and KKR declined to comment.
KKR has done 10 investments in China since 2017, its website showed, including a stake in China’s social media giant Bytedance, education app Huohua Logic and premium liquor company ZJLD Group.
The firm currently has 35 investment professionals in Beijing and Shanghai.
It is expected to appoint a new head of Greater China to be based in mainland China, said one of the sources, who declined to be identified as the information was not public.
(Reporting by Julie Zhu and Kane Wu; Editing by Shailesh Kuber)