EQ Partners cedes stake to China-backed Reorient

Mainland-backed boutique bank Reorient Group will acquire about a third of Seoul-based EQ Partners, an unprecedented partnership between a South Korean PE firm and a Chinese entity. The deal will see Reorient, helmed in Hong Kong by a team of former Cantor Fitzgerald executives, pay HK$32.7 million ($4.2 million) for a 33% stake in EQ Partners, a private equity firm with $800 million in AUM. Reorient is backed by China Chengtong Holdings, a mainland conglomerate with more than 1…