The Carlyle Group has shuffled its Asia private equity team, moving Janine Feng to the newly created role of vice chair of Asia ex-Japan and elevating Ling Yang to head of China.

Feng, who has been with Carlyle since 1998, will lead value creation initiatives for portfolio companies across the region while retaining responsibility for industrials sector coverage in China. The firm said in an internal note to staff that the new leadership role – and its emphasis on value creation – is especially important “as we look to strategically increase our control buyout investment activities across the region.”

Feng has led several of Carlyle’s most successful deals in China, including China Pacific Insurance and Focus Media, and she has overseen the firm’s China investment advisory team. Yang has now assumed leadership of the China operation and will continue as co-head of healthcare for Asia.

Yang began her career working on healthcare buyouts for Carlyle in the US and moved to Asia in 2011. Already a key member of the China team, as country head Yang is mandated to pursue control buyout opportunities across consumer, healthcare, and advanced manufacturing.

“We believe our ability to execute on value creation is an increasingly important core differentiator for Carlyle and that Janine is well-positioned to lead this strategic initiative for us in Asia, as one of our most experienced team leaders,” X.D. Yang, Carlyle’s chair of Asia ex-Japan, said in the note.

Carlyle is currently raising its sixth pan-Asian buyout, which launched in mid-2022 with a target of USD 8.5bn. As of late 2023, amid a challenging fundraising environment, the firm had reportedly scaled back its ambitions to USD 6bn. Fund V closed on USD 6.55bn in 2018.

Given geopolitical concerns, the country’s slowing economy, and uncertainty over exits, China is a sticking point for many investors considering allocations to Asia. In November, however, Carlyle registered a significant exit, agreeing to sell its 20% stake in McDonald’s China to the brand’s US parent for USD 1.8bn. The deal is set to generate a 6.7x return.

The firm remains active in Japan, where it has raised four country funds. A fifth was launched last year with a target of JPY 400bn (USD 2.8bn).

Carlyle declined to comment.