Paul Yang will join KKR as a member and head of Greater China in January.
Mr. Yang will replace David H. Liu, KKR member, co-head of KKR Asia private equity and head of Greater China, a news release said.
Mr. Liu and KKR member Julian J. Wolhardt will leave KKR at the end of the year to form a new China-focused investment firm and will become KKR advisers.
Mr. Yang will be based in Hong Kong and will lead business development in Greater China.
Ming Lu, KKR member and the other co-head of KKR Asia private equity, will become the sole head of that group.
“We are extremely proud to have contributed to building a leading Asian private equity platform over the last 10 years and achieved remarkable results,” Mr. Liu said in a statement. “While we will be leaving to form our own investment firm, Julian and I will continue to have deep and strong ties with KKR and the team in China. We look forward to finding opportunities to work in partnership with Paul, Zhen Ji (managing director of KKR, China) and KKR in the future.”
Mr. Yang is currently president and CEO of regional merchant bank China Development Financial Corp.