Liyang Zhang joined Advent in 2026 and is a Managing Director based in Shanghai. He advises on investments across the Greater China region, with particular experience in consumer, industrial, and technology sectors. He has advised or led 11 investments across China and international markets over the course of his career.
Before joining Advent, Liyang was a Managing Director at TPG Capital, where he led the China Consumer and TMT practice. Prior to TPG, he spent over a decade at CITIC Capital, leading the TMT investment practice. He began his career at McKinsey & Company.
Liyang holds an MBA from INSEAD in Fontainebleau, France, and a bachelor’s degree in Automation from Zhejiang University’s Chu Kochen Honors College in Hangzhou, China.
How do you identify interesting companies in your sectors?
Many of the best opportunities emerge during periods of structural change — industry consolidation, corporate carve-outs, or when management teams are looking for a partner for the next stage of growth. Understanding the strategic context of a business is often as important as analyzing the financials.
Describe a pivot experience that has shaped your career.
I realized early in my career that investing is not simply about selecting companies, but also about helping them navigate change.
In several transactions I worked on, what began as a straightforward investment turned into a broader transformation — rethinking strategy, strengthening governance, and preparing the business for the next phase of growth. Those experiences reinforced my belief that private equity works best when investors and management teams build companies together over time.
“I realized early in my career that investing is not simply about selecting companies, but also about helping them navigate change. ”
Liyang Zhang
Managing Director, Advent
How do you challenge yourself and others to continuously improve?
My philosophy is what I call “Be True,” which is fundamentally about intellectual honesty.
In diligence, that means going beyond boardroom presentations: we spend time listening to distributors, franchisees, employees, and sales representatives. People then need to be able to speak freely about their ideas, especially those closest to the business. You need to get your hands dirty and understand how the business actually works. The best insights rarely come from the boardroom alone.
Inside a private equity firm, that means encouraging associates and younger team members to challenge assumptions.
What do you do for fun?
I’m drawn to two things that might seem opposite – technology and the humanities. I like keeping up with emerging technologies and understanding how different mechanical and engineering systems work. On the other hand, I enjoy studying history and culture, which provide a broader perspective on how societies evolve.
Away from work, I listen to classical music, Bach and Rachmaninov especially, and try to drive long road trips across different regions and continents, whenever time allows.
