Morgan Stanley’s Weiss Said to Join $1.9 Billion Chinese Fund

Michael Weiss, the former head of Morgan Stanley’s China mergers advisory unit, joined Shanghai International Group Co.’s Sailing Capital Management, a person with knowledge of the matter said.

Weiss, who left Morgan Stanley earlier this month, was named partner and will help the Chinese private-equity fund manage 12 billion yuan ($1.9 billion), focusing on overseas investments, said the person, asking not to be identified because the appointment hasn’t been announced. He will be based in Hong Kong, the person said.

Weiss, 44, is joining Sailing Capital after a record 27 percent drop in the value of Chinese private-equity deals last year, according to data from Asian Venture Capital Journal. Shanghai International, the biggest shareholder of Shanghai Pudong Development Bank (600000) Co., was founded in 2000 and is backed by the city’s government.

Yu Hong, an executive at Sailing Capital, didn’t return two calls to her office seeking comment. Weiss also held investment banking positions at Credit Suisse Group AG from 2008 to 2010 and had worked for Citigroup Inc. in New York and Hong Kong for almost a decade.

Chinese private-equity deals last year declined to 473 transactions valued at $21.9 billion, according to the Asian Venture Capital Journal, which tracks the industry. Domestic initial public offerings, used by private-equity firms to exit investments, tumbled 70 percent in 2012, according to data compiled by Bloomberg.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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