US-headquartered placement agent Capstone Partners has opened an office in Shanghai, its first in Asia.
The firm has recruited Sheng Lu to lead its efforts in the region. Lu was most recently a partner at recruitment specialists Heidrick & Struggles, where he headed the firm’s Asia fund placement initiative. He was previously an advisor to China-focused growth capital fund Milestone Capital.
Through its Shanghai office, Capstone plans to increase the number of Asian real estate and private equity funds on its books and also build “closer relationships with Asian investors, including sovereign wealth funds”, Tripp Brower, US-based partner at Capstone Partners, in a statement.
“The Asia Pacific region offers enormous potential to both private equity and real estate investors, with an increasing number of talented investment firms, well positioned to create value in markets with attractive and very significant investment opportunities,” he said.
Capstone is not the only North American placement agent to move into Asia this year. San Francisco-based Probitas Partners opened a Hong Kong office in April, appointing former AIG Investments executive Edwin Chan as Asia head. MVision Private Equity Advisers is also in the process of opening in Hong Kong, while La Jolla, California-based gatekeeper StepStone is in the process of setting up an office in Beijing.
Capstone was founded in 2001 and has offices in Dallas and Geneva. Since inception, the firm has worked on over 20 real estate and private equity fundraising mandates, garnering over $7 billion in commitments.