Macquarie recruits 3i China director

The Australian bank’s advisory and investment arm has hired a former partner at 3i Group for its greater China business.

Paul Su, a former partner at 3i Group, has been appointed senior managing director and chairman of Greater China for Macquarie Capital, a source with direct knowledge of the matter told Infrastructure Investor.

Su was formerly a senior partner and managing director at 3i Group in Beijing. Prior to joining the alternative investment firm, Su spent 10 years with Credit Suisse as managing director and vice chairman of Greater China investment banking.

Macquarie declined to comment on the hire, but the source said Su “brings to Macquarie a deep understanding of the Greater China market with more than 15 years of investment banking as well as private equity experience”. Some of Su’s more notable clients over those years included CNOOC Group, E-House (China) Holdings, China TAL Education Group (Xueersi), MicroPort Medical Group, and Shanghai Electric Group.

Su studied in both China and the US. He assumed his new role at Macquarie last month and will report to Macquarie’s Asia chief executive Alex Harvey.

Macquarie Capital's activities include utilities and renewables, resources (mining and energy), telecommunications, media, entertainment and technology, as well as industrials, according to the firm’s website. Macquarie Capital also invests in real estate and financial institutions, and does investment advisory work, divestments, fundraising and restructurings across these asset classes.

Su is the most recent loss for 3i as the firm seeks to slim down its overseas offices. Just over a year ago, 3i’s new chief executive Simon Borrows announced a major restructuring plan for the firm to reduce debt and make it a “leaner” organisation. As part of that plan, 3i closed its Hong Kong and Shanghai offices and made plans to cut 160 staff. Most of the cuts were focused on Asia, as Borrows was sceptical of both India and China as investment destinations.

Earlier this year, 3i’s Asia head Anil Ahuja and partner Girish Baliga announced their departures from 3i “to pursue other opportunities”. 3i also announced in May that it will make no new deals in India, Infrastructure Investor reported earlier.