CVC Asia Pacific, the Asian wing of global buyout firm CVC Capital Partners, has appointed Hemal Mirani as managing director on its investor relations team.
Mirani recently quit HarbourVest Partners after 12 years at the firm. She was previously a managing director of the fund of funds’ Asian subsidiary in Hong Kong and helped build the firm’s presence in Asia. She has also worked in Japan’s Sakura Bank, in Tokyo and Osaka.
Based in Hong Kong, Mirani will be part of CVC's 12-strong investor relations team, headed by Marc St John, who is also a partner at CVC and based in London. Mirani will principally look after the firm's Asian investors across all funds. She is also responsible for growing its investor base in the future, said a CVC spokeswoman.
Some of CVC Asia Pacific’s portfolio companies have run into trouble of late. In January, Australian travel and hospitality business Stellar Group was reportedly in talks with bankers over the repayment of A$860 million ($563.7 million). The firm had acquired a 65 percent stake in the business for A$400 million in 2008.
In November 2008, the firm agreed to inject A$335 million into Australian media group PBL Media. The injection was part of a recapitalisation proposal to banks, which if accepted will relax debt covenants on the group.
CVC Asia Pacific closed its third fund, CVC Capital Partners Asia Pacific III, on $4.1 billion in April 2008. This is the firm’s first fund since ending a joint venture with former banking parent Citi. The fund will invest in Australia, Greater China, Hong Kong, Japan, Singapore and South Korea.
Mirani declined to comment at press time.