Bear Stearns and Chinese firm Eagle Investment Group have hired Steven Kwok to lead their joint private equity effort in China, dubbed “The Strategic Alliance”.
Kwok was most recently a managing director at Orchid Asia, a $450 million (€308 million) China-focussed private equity fund, before which he was head of UBS Capital Greater China. He has also worked at The Carlyle Group in Asia and Salomon Brothers in New York.
Bear Stearns and Eagle announced the alliance this April. Each firm will contribute $250 million for investments in the retail and consumer sectors, which “fuel China’s economy”, Eagle chairman Wong Kwong Yu said in a statement.
Bear Stearns, through its Merchant Banking division, has acquired several US retail brands, including Aeropostale, Seven for all Mankind and Stuart Weitzman.
Eagle Investment is a holding company that manages a number of investments across sectors including real estate, construction, pharmaceuticals, securities, asset management and IT. The firm owns GOME Electronics, the largest home appliance and consumer electronic goods retailer in China, which Wong founded in 1987.