Affinity Equity Partners is shuffling its partner line-up in anticipation of launching its sixth pan-Asian fund, according to three sources familiar with the situation.

The firm has informed LPs that three partners, Queenie Ho, Icksoo Jung, and Kenneth Liu, will depart over the next 12 months, the sources said. This follows the elevation of three investment professionals, Mark Chudek, Samuel Kim, and Michael Kim, to partner level earlier this year.

The first and second sources described it as part of a transition from Affinity’s second generation to third generation of leadership. The firm closed its fifth fund on USD 6bn in 2018, and the vehicle is now about 90% deployed. While there is an expectation that Fund VI will launch in late 2025 or early 2026, there is no official timeline, the first source added.

KY Tang, who formed Affinity in 2002 by leading a spinout from UBS Capital, remains in place as managing partner. Ho, Jung, and Liu are three of five partners, each of whom has been with the firm for at least 15 years. The other two, Charles Min and Benny Lim, will continue through Fund VI as part of a new six-strong partner team.

Min and Lim serve as heads of South Korea and Southeast Asia, respectively. Chudek recently became head of Australia and New Zealand. Samuel Kim and Michael Kim are both based in Korea.

According to the first source, the three recent partner appointees will form the bulwark of Affinity’s third generation of leadership. The source added that it is likely that two or three additional partners will be appointed over the next two to four years.

Ho, who joined Affinity in 2004 as an investment professional, has played a key role in raising the firm’s last three funds. She will leave at the end of 2025. Jonathan Chan, formerly of GIC and TPG Capital, recently joined as head of investor relations.

Liu, Affinity’s head of China, and Jung, part of the Korea team, have been with the firm for 18 years and 15 years. Their departure dates – Liu in mid-2026 and Jung in the 4Q25 – are linked to development timelines for specific investments, the first source explained.

On launching Fund V, Tang had two fellow managing partners, Young-taeg Park and Chul-joo Lee. Both have since retired. Other departures in the last 24 months include Sam Lee, Min’s predecessor as head of Korea, and Nick Speer, who led the Australia and New Zealand operation.

The firm has USD 14bn in assets under management and employs approximately 50 investment professionals based in Hong Kong, Seoul, Singapore, Sydney, and Beijing. Recent investments include candy manufacturer Yupi Indo Jelly Gum in Indonesia, seafood processor Golden Fresh in Malaysia, and radiology business Lumus Imaging in Australia.

Affinity declined to comment.