Changes at ShoreVest as it plans debut fund

Two partners have become advisors while another has resigned from the firm, which is targeting distressed deals in China.

Dannon Shen and Daniel Ling, two partners at ShoreVest Capital Partners, have moved into advisory roles while another partner, Yong Hui Wu, has resigned.

Shen, the former partner and chief counsel at the firm, and Ling, the former partner and chief risk officer, have changed their roles to become senior advisory partners at the firm after having held their previous roles for nine months and 15 months respectively, according to LinkedIn.

Prior to joining ShoreVest, Shen was the managing partner and chief counsel at Shoreline Capital for almost eight years. He was responsible for deal sourcing, deal structuring, legal issues, post-investment management and risk control at the firm.

Before that, he was a partner at a boutique law firm Kingson Law Firm in China and Hong Kong covering M&A deals, private debt/equity financings, foreign direct investment projects, liquidation cases and NPL acquisitions.

Ling was the chief risk officer at Shoreline Capital for eight months before he joined ShoreVest in May last year. Prior to that, he was chief financial officer at China’s TianAn Biopolymer and a director at the listings department of the Singapore Exchange.

Yong Hui Wu left the firm in May after having been in his partner role for a year. Prior to ShoreVest, Wu was general manager at a Guangzhou-based NPL servicing platform where he led the servicing for some of CarVal’s last NPL portfolio investments in China.

Before that, he held a senior role at Shoreline for more than four years where he formulated workout strategies for new acquisitions, and led the resolution efforts of the firm’s NPL portfolios.

Shen and Ling left Shoreline Capital to found ShoreVest Capital Partners with Benjamin Fanger, the former co-founder of Shoreline.

ShoreVest did not comment on the changes but PDI understands that the firm is currently in the process of recruiting.

These changes come amid the firm’s plans to launch its $750 million debut fund. Earlier this month, the firm reportedly began raising a fund targeting non-performing loan portfolios, distressed special situations and non-distressed situations in China. The fund was expected to reach a first close this summer, according to sources close to the matter.

ShoreVest was founded by Fanger, one of the two founders of Shoreline Capital, at the end of last year after his split with his former partner Xiao Lin Zhang at Shoreline.

Upon his departure from Shoreline, Fanger brought along eight former senior executives from Shoreline to establish his new firm. Therefore, the core team of ShoreVest shares a 12-year track record with Shoreline in Chinese distressed debt and structured credit.