Morgan Stanley Private Equity Asia (PEA) is restructuring its regional teams as CEO Chin Chou retires, an internal memo reveals. The firm will form a China-specific team, led by Jun Xu, current head of yuan-denominated investment funds, focusing on both onshore and offshore investments. Since 2005, Xu has expanded the yuan-denominated equity business in China. Additionally, Nirav Mehta and Arjun Saigal, co-heads of India PE, will become co-heads of PEA excluding China, with a primary focus on India. Andrew Hawkyard, the chief investment officer, will also retire after 24 years. Since 1999, Morgan Stanley PEA has raised over USD4bn through five funds, with the largest, the fourth Asia fund, closing at USD1.7bn in 2014.