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Private Equity Asia

PE Asia focuses on a variety of Asia Pacific private equity investments:


  • For funds, we seek multi-year commitments to pan-Asian and country-focused private equity funds in China, Japan, Korea, India, SE Asia and Australia. We target a minimum fund size of US$500 million and a minimum commitment size of US$75 million;
  • For direct investments, we invest in private Asian companies alongside private equity fund partners (GPs) and certain qualified non-GP partners. The minimum investment size is US$25 million for co-investments, US$150 million for co-sponsorships, and US$300 million for transactions with qualified non-GP partners; and
  • For secondaries, we acquire single- or multiple-fund limited partnership interests or investment portfolios through the secondary market with a minimum investment size of US$25 million for LP Secondaries and US$100 million for Direct Secondaries.

Our Team

Hong Kong

The PE Asia team is comprised of experienced professionals with offices in Hong Kong. Here is a listing of all our senior team members.

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Frank Su

Managing Director, Head of Private Equity Asia

Frank is responsible for leading our private equity business in Asia. Prior to joining CPP Investments, he was a Principal at Bain Capital, responsible for private equity investments in Asia, with a focus on Greater China. Previously, Frank was a manager at Bain & Company and worked at Ericsson as a Business Development manager, and at COFCO as a trader.

Frank holds an MBA from Kellogg School of Management at Northwestern University and a BA from the University of International Business and Economics.


Leo Chiu

Senior Principal, Private Equity Asia

Leo joined CPP Investments when the Hong Kong office was established in 2008.

Previously, he worked in the Investment Banking Department at UBS in Hong Kong, with a focus in Telecoms, Media and Technology. Leo also worked as a structured product specialist at UBS Wealth Management in Zurich.

Leo holds a BA in Economics – Political Science with Honors from Columbia University.

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Prakul Kaushiva

Senior Principal, Private Equity Asia

Prakul joined CPP Investments in 2012, starting out in the Infrastructure team within Real Assets based in London, and moving to the Private Equity Asia team in Hong Kong in 2015 to focus on direct investments.

Prior to joining CPP Investments, Prakul worked at Goldman Sachs, London, in the Investment Banking Division in the Telecom, Media and Technology M&A advisory and execution group, and subsequently in the Securities Division. He also worked at General Electric, in the U.S. and India.

Prakul holds an MBA from the Indian Institute of Management in Ahmedabad, and a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology in Delhi.


Richard Law

Senior Principal, Private Equity Asia

Richard joined CPP Investments in 2007 and was a founding member of the Hong Kong office when it was established in 2008.

Previously, Richard worked in investment banking at CIBC World Markets and TD Securities.

He holds an MBA from the MIT Sloan School of Management and a B Comm. from the University of British Columbia.


Jung Yup Lee

Senior Principal, Private Equity Asia

Jung Yup was a Partner and Head of Korea at Headland Capital Partners. He worked with Headland for more than 13 years and was responsible for private equity investments primarily in Korea. He was also a member of the investment committee. He began his career in 2000 with H&Q Asia Pacific Korea in Seoul. 

Jung Yup holds a BSc in Mechanical and Aerospace Engineering from Seoul National University.

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Rachel Zhao

Senior Principal, Private Equity Asia

Rachel is leading direct investments with a focus in the Greater China region.

She was previously a Director at MBK Partners, responsible for private equity investments with a focus on Greater China for 13 years. Before MBK Partners, Rachel worked in the investment banking division of both Citigroup in Hong Kong and China International Capital Corporation in Beijing.

Rachel holds a BSc in Economics from the London School of Economics.

Our Private Equity Investments

We are invested globally in funds, secondaries and directly in private equity.

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