Warburg Pincus promoted Jeffrey Perlman to president, part of a succession plan that shifts Timothy Geithner to chairman of the private equity firm.
Perlman, 40, joined Warburg 17 years ago and rose to become head of Southeast Asia and Asia-Pacific real estate, the firm said Wednesday in a statement announcing the move. He bolstered the firm’s presence on the continent, and now the New York-based company is among the more visible U.S. players in China.
Unlike other private equity firms that have expanded into everything from lending to public markets, Warburg has remained at its heart a buyout and growth equity firm. The vast majority of its more than $83 billion of assets under management is invested through flagship private equity funds.
The industry is in the midst of a sweeping transformation, becoming a bigger force in finance and the global economy.
Geithner, 61, joined Warburg in 2013 after stepping down as U.S. Treasury secretary. His handling of Washington’s rescue efforts during the 2008 financial crisis—criticized by some and defended by others—reshaped Wall Street. Geithner had previously served as president of the Federal Reserve Bank of New York.
As chairman, Geithner is expected to keep working alongside Warburg leaders, according to the firm’s plan.
“Now is the ideal time to put in place a plan for the next generation of leadership at the firm,” Chief Executive Officer Chip Kaye said in the statement.
The firm disclosed earlier this year in a filing that it raised $15.4 billion for its latest flagship fund. Warburg has since gathered more than its $16 billion target, according to a person familiar with the matter.
This article was provided by Bloomberg News.