Hong Kong investment firm Squadron's director Prasanna leaving
HONG KONG Nov 5 (Reuters) - Asian private investment firm Squadron Capital Advisors's director for investments in Southeast Asia and India is exiting the firm, according to an email from the executive seen by Reuters, while the firm is in the midst of being bought by U.S.-based FLAG Capital Management.
The departure of Anand Prasanna comes amid growing investor appetite for Southeast Asia. Prasanna is a seasoned member of the team at Squadron, a well known fund of funds with $1.5 billion in assets.
Global funds are opening Singapore offices to source deals in the region, and around $10 billion is being raised through Indonesia-focused funds alone.
FLAG said last month it had agreed to buy Hong Kong-based Squadron, controlled by the founder of Duty Free Shopping outlets Robert W. Miller.
The deal was expected to involve Squadron's team of around 23 people staying on board. It was not immediately clear if Prasanna's exit would have any impact on the transaction.
Fund of funds, like Squadron and FLAG, pool capital to invest in private equity and hedge funds on behalf of other investors.
Prasanna, who was with Squadron for five years, previously worked with Sequoia Capital and consulting firm McKinsey & Co. He said in the email he is moving to another fund of funds but will stay in Asia.
Prasanna declined to comment when reached by Reuters. Squadron declined to comment. FLAG could not immediately be reached for comment.
The value of FLAG's acquisition of Squadron was not disclosed, but the acquisition would give FLAG, which was founded in 1994, $6 billion in total assets.