Mary Ma — former CFO of PC maker Lenovo and onetime member of Fortune’s Global Power 50 — earlier this month stepped down as a partner with TPG Capital, in order to form a China-focused private equity firm with outgoing Ping An Group CEO Louis Cheung.
The news was fairly well publicized, and we’ve now learned we’ve since learned that the group also will include Sean Tong, who currently serves as a managing director with Providence Equity Partners.Tong joined Providence in 2008 from General Atlantic, and is co-head of Providence’s Hong Kong office. Patrick Corso, the firm’s other Hong Kong office chief, is staying put. No comment yet from Providence.
The new firm is named Boyu (I very well may be spelling it phonetically), and it’s expected to focus on privatization opportunities in China. No books are out yet, but word is that they’ll target approximately $1 billion.