(Yicai) Dec. 5 -- Two new co-presidents of Warburg Pincus in China will up the reins at the American private equity giant in the Asian country after Frank Wei stepped down as president after over two decades of service.

Min Fang and Ben Zhou will become co-heads of China private equity at Warburg Pincus, the New York-based firm said in a statement yesterday. Wei will remain as the managing director at the firm through 2024 to ensure a seamless transition, it added.

Fang and Zhou joined Warburg Pincus in 2007 and 2005, respectively. Fang has been responsible for China’s healthcare, consumer, and internet investment businesses, and Zhou has kept a close eye on China’s financial, corporate services, and industrial technology fields.

Wei joined Warburg Pincus in 2002 and since 2016, he has been co-president of the firm's China business, a position held alongside Cheng Zhanglun who announced his retirement in September last year.

The PE firm also announced other management changes in Asia yesterday. Narendra Ostawal will become head of India PE, Saurabh Agarwal will lead the Southeast Asia business, and Tak Murata will take charge of the Japan business as well as co-lead the Asia real estate arm with Ellen Ng. Vishal Mahadevia, who has been with Warburg Pincus for 17 years, was promoted to head of Asia PE but he will also retain his role as co-head of financial services.

The new leadership will help Warbug Pincus expand its footprint across the Asia Pacific region, and integrate its PE business across Asia under unified management, mirroring the firm's organizational leadership in the Americas and Europe, the company said.

With nearly 30 years of investing experience in Asia, Warburg Pincus has allocated more than USD30 billion to China, India, and more recently to Southeast Asia, it noted.

Editor: Emmi Laine