Private markets investment firm Hamilton Lane opened its sixth Asian office in Shanghai, the Conshohocken, Pa.-headquartered company said in a statement on Thursday.
Xia Mingchen, managing director and co-head of Asia investments, leads the Shanghai team of seven, which comprises professionals across investment, client solutions, compliance and risk management.
Mr. Xia joined the company in 2014 and was based in the Hong Kong office. Before joining the firm, he was a senior fund manager at Tokio Marine Asset Management and oversaw private equity fund investments.
The new Shanghai office comes three years after the firm, which has $832 billion in assets under management and supervision, opened its Singapore office in 2020.
Th other offices in Asia-Pacific are in Hong Kong, Seoul, Sydney and Tokyo.
"China is the world's second-largest economy and is home to the largest private market in Asia. We continue to feel confident in the market and investment opportunities across Asia Pacific, and believe the opening of our Shanghai office will accelerate the growth of our China business and strengthen our leading position in the region," Juan Delgado-Moreira, vice chairman and head of Asia, said in the statement.
"We have observed growing demand from domestic institutional and private wealth investors to allocate their capital to global assets ... With our new capabilities in the (renminbi) market, we'll be even better positioned to deliver new and differentiated private markets solutions to our clients," Mr. Xia said in the statement.
The firm has participated in the Shanghai Qualified Foreign Limited Partner pilot program since May, which allows it to make investments in yuan-denominated private markets.
Since receiving approval for QFLP status, Hamilton Lane has become the first institution in Shanghai to establish a secondary fund through the QFLP structure, and began actively sourcing investment opportunities in the yuan market, the statement wrote.