Providence Equity Partners has reportedly lost its fourth senior executive in Asia in five years after Patrick Corso stepped down from the firm.
Corso, a senior managing director and head of the firm’s Hong Kong office, has moved, on according to Reuters, which said Tao Sun and Biswajit Subramanian would take on his responsibilities in Greater China and the rest of the region respectively.
It cited people familiar with the move, and highlighted the difficulty Providence has had with deal-making in Asia given its restrictive focus on media, telecommunications and technology.
Corso joined Providence in 2003 in its London office and relocated to Hong Kong in 2008.
He was previously an investment banker in the media and telecommunications sectors at Credit Suisse First Boston and Morgan Stanley in London, as well as a corporate development executive at Trader Classified Media.
The news comes six months after Providence set up a new office in China under the name Pu Wei Investment, complementing the base it put down in Hong Kong in 2007.
Earlier this year the firm lost managing directors Jesse Du Bey and Nadim Nsouli according to an investor letter seen by Bloomberg, while last year it parted with senior executives Mark Masiello and Gustavo Schwed.
The firm is currently aiming for a reduced target of $5bn for its seventh buyout vehicle, below the $6bn it was initially hoping to collect.
Its previous vehicle gathered just over $12bn in 2007.
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