TPG, Newbridge bolster Asian office

Texas Pacific Group and its Asian affiliate Newbridge Capital have poached General Electric veteran Steven Schneider to serve as a Hong Kong-based operating partner for both firms.

Texas Pacific Group and its Asian affiliate Newbridge Capital have brought on board General Electric veteran Steven Schneider, who will serve as a partner for both groups.

Schneider will be based in Hong Kong, and from there will direct the Asian activities of the firms’ operations group. In his previous role at General Electric, Schneider had served as the president and chief executive of GE Asia Pacific and served as member of the company’s corporate executive committee.

Successful private equity investing depends much more on access to management talent than capital, particularly in Asia.

Dan Carroll, managing director, Newbridge Capital

For TPG and Newbridge, the Schneider hiring underscores the firms’ activity in the region. Newbridge is dedicated exclusively to investments in Asia, and maintains offices in Hong Kong, Melbourne, Mumbai, Shanghai, Seoul and other areas in the region. TPG, meanwhile, has gained much of its exposure to the continent through its portfolio companies, including past investments in MEMC and Seagate Technology, which were headquartered in the US, but had considerable operations throughout Asia.

TPG founding partner David Bonderman, in a statement, cited that Schneider’s addition was precipitated by the firm’s past activity. “We believe this addition reflects the growing momentum of our business in Asia, where we have been active since 1994,” he said.

David Bonderman, co-founder, Texas Pacific Group

Meanwhile, Newbridge’s Dan Carroll, a managing director at the firm, spoke to Schneider’s ability to help differentiate Newbridge from other entrants in the Asian market. He said, “Successful private equity investing depends much more on access to management talent than capital, particularly in Asia.”

Schneider has spent two decades under the GE umbrella. In addition to serving as the CEO of GE’s Asia Pacific business, Schneider has held similar roles at the company’s subsidiaries GE-China and GE Plastics–Greater China.

Texas Pacific Group’s operating arm was established to help improve the companies in TPG’s portfolio. The group is headed by Richard Boyce, the former PepsiCo executive who joined the group in 1997.