Jenny Blinch

Kevin Zhang will end his 15 year-career with the bank, reportedly to join an unnamed China-focused private equity fund.

The European niche investor bought the stricken UK tea and coffee retailer for an undisclosed amount from Icelandic seller Baugur Group.

The Switzerland-based firm was targeting $1bn for its second Asia-focused ‘programme’, a series of vehicles which will invest in primary funds and secondary transactions and also partner on direct investments.

The EU commissioner for internal markets, Charlie McGreevy, tells the BVCA he doesn't believe private equity should be 'lumped together' with other asset classes for regulatory purposes, but warns the industry needs to increase transparency and improve stakeholder relationships.