This story appeared in the February/March 2023 issue of Forbes Asia. Subscribe to Forbes Asia

This article is part of a Forbes article on the richest people in Hong Kong in 2023.See full list here.

Private equity billionaire Jean Salata thanks to sale of Baring Private Equity Asia (BPEA) to Stockholm-based EQT, Europe’s largest listed private equity group, in a massive $6.7 billion deal and achieved the highest profit margin of the year. After the acquisition, his net worth doubled to his $5.9 billion.

In October, EQT completed a $1.7 billion cash and Stockholm-listed acquisition of 191.2 million new EQT shares. Salata is now founded by Investor AB, the investment firm of Sweden’s powerful Wallenberg family of banks, and billionaire Conni Jonsson, the founder of EQT, and three others of his EQT executives. It is the company’s third largest shareholder after Bark Partners AB. A Chilean national who has lived and worked in Hong Kong since 1989, Salata now leads the combined efforts of his EQT’s Asian operations with Baring Private Equity Asia, renamed BPEA EQT.

A month ago, BPEA closed new funds totaling $11.2 billion. This is he one of the largest private equity funds ever raised by an Asia-based private equity firm. One of its main objectives is to increase investment in the local technology sector. Technical services make up his third of his BPEA portfolio, and Salata shows no signs of slowing down in this area. The fund is also targeted at large deals, typically $1 billion in enterprise value, and marks EQT’s first step into the Asian large-cap market.

A father of four, Salata has a personal interest in sustainability. In June, he and his wife Melanie donated his $200 million to found the Salata Institute for Climate and Sustainability at Harvard University.The donation earned the couple a spot Forbes AsiaLast Year’s Charitable Heroes List.

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