Providence Equity Partners has appointed Sean Tong, currently with General Atlantic in Hong Kong, as its Managing Director. He will be based in Providence's Hong Kong office. Tong, 34, was with General Atlantic since 2000, was serving as a Managing Director there. Tong has been mainly investing in the Greater China region for General Atlantic and has served on board of WuXi Pharmatech and Oak Pacific Interactive. Tong has also worked with Morgan Stanley & Co. in New York and has graduated from Harvard University.
"We are excited by the broad range of investment opportunities we see in Asia now and over the long-term in the sectors where we specialize. We look forward to continuing to expand our presence in the region in the years ahead," said Jonathan M. Nelson, Chief Executive Officer of Providence.
Providence has more than $1 billion invested in the Indian telecom sector. In June this year it invested $640 million commitment to Aditya Birla Telecom Limited, in one of the biggest private equity deals in India. Providence holds a 15% equity stake in Idea Cellular and a 16% stake in Indus Towers. Providence manage funds with approximately $22 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries.