His appointment follows a string of senior-level departures at the firm in the past few months.
U.S.-based private equity firm L Catterton has hired TPG Capital Asia's Scott Chen as co-managing director for Asia, replacing outgoing Asia chairman and managing partner Ravi Thakran.
Chen, who joined TPG in 2001, was most recently a partner and managing director at the firm, heading its Beijing office, according to his LinkedIn profile. He will run the firm's Asia operations with Chinta Bhagat, who was hired in August as its new co-managing partner of Asia funds, according to a «Deal Street Asia,» report on Sunday.
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world, and the largest in Asia, with about $3 billion in assets under management. The firm invests in brands across the F&B, retail, healthcare, and lifestyle segments.
Dramatic Rebound
L Catterton's portfolio companies are reporting dramatic rebounds in sales and foot traffic as markets re-open following a wave of lockdowns prompted by the Covid-19 pandemic, co-chief executive officer Michael Chu said in an interview with «Bloomberg» on Monday.
He added that the firm and the firm plans to raise more money to do deals worldwide and expects more portfolio managers to be added this year.
