Warburg Pincus’ China Co-Head Cheng Departs After Two Decades

Warburg Pincus LLC’s co-head of China, Julian Cheng, will retire after two decades in the biggest shakeup for the private equity firm’s senior management ranks in the country in more than six years, people familiar said.

Cheng plans to set up a family office and focus on his private investing and family affairs along with philanthropic endeavors, one of the people said, asking not to be identified because the matter is not publicly announced. His partner Frank Wei will become head of the China business, the people said.

A Beijing-based spokeswoman declined to comment.

The departure marks the ...