KKR & Co has named Ming Lu as the sole head of its Asia private equity business, as other co-head David Liu has decided to leave the firm, the U.S. buyout firm said in a statement on Tuesday.

Julian Wolhardt, another senior KKR executive in Asia, is also leaving the firm at the end of the year, and together with David will set up a new China-focused investment firm, KKR said.

KKR, which has completed $10 billion worth of transactions in Asia since starting in the region in 2005, also named four new hires, including Ashish Shastry, to head Southeast Asia, Zhen Ji and Rob Yang as managing directors in China, and Hyoung Seok Lim as managing director in South Korea.

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