An executive director at Hong Kong-headquartered alternatives firm PAG is set to join KKR’s special situations group based in the city, according to a market source.
Stuart Blieschke has been hired by KKR from PAG’s distressed debt team, which he joined in 2009, having previously been a vice-president at Deutsche Bank.
His appointment comes as Tim Caflisch, previously a principal at KKR who had been set to move Hong Kong this quarter, is now working as an investment analyst at Finepoint Capital, a Boston-headquartered firm.
Caflisch was a principal at KKR for seven years. He joined the firm in 2008 and was based in San Francisco before moving to London in 2011 to join the European special situations group, where he focused on the UK, Ireland, Benelux and the Nordics.
Caflisch led a €350 million investment in the mattress maker Hilding Anders in 2013. He also worked on a deal with UK-based hospital group, General Healthcare Group.
KKR is raising capital for its second special situations fund, targeting between $2.5 billion and $3.5 billion, and is already investing, PDI understands. Nat Zilkha, co-head of credit at the firm, told PDI in May, that it was seeing a lot more opportunities to invest in Asia, particularly China and India.
KKR and PAG declined to comment.