2026年06月15日
BDA alumni newsletter | June 2026
Dear Alumni,
It feels like global unpredictability has become the norm since the last Alumni newsletter. We’ve seen global tariff upsets, on-going decoupling trends between China and the West, war in the Gulf, the disruptions of AI, and cyclical challenges for the private equity sector to raise and return capital. M&A does not like uncertainty so navigating it has been challenging and BDA has some war wounds to show. But I’m pleased to say we are enjoying significant momentum, eyeing our strongest H1 ever in 2026, and gestating a record pipeline of mandates. Some highlights:
- Our Tech Services sector continues to go from strength to strength, winning and closing landmark deals especially in the US-India corridor, but also more broadly. We recently announced the US$2.35bn sale of Encora to Coforge in this space, [linked here] and the pipeline remains strong as we help clients address the threats or exploit the opportunities of AI on traditional tech-enabled services
- The Sustainability sector has emerged as a meaningful part of our business. We have announced or are working on deals in the water technology, waste and recycling, energy transition and circular economy categories. These deals are spread across our geographic markets and have heavy Asia-US or Asia-Europe elements [linked here]
- As the Japan M&A market and PE sector experiences a generational gear shift, BDA’s Tokyo team is establishing itself as a serious PE sellside player, advising top-quartile mid-market sponsors like Advantage Partners, NSSK, Endeavour and Marunouchi Capital, while continuing our historical cross-border and corporate dealflow [linked here]
- Candidly we have faced softer markets in SE Asia and China thanks to geopolitics, the hangover from a previous market boom, and PE sponsors recalibrating and we’ve made some painful decisions to reduce headcount through this cycle. But we are long-term believers in both regions. In SE Asia underlying economic growth is catching up with the overhang and sponsors have ample dry powder. In China, new M&A and private capital drivers are replacing the old foreign investment and USD denominated private equity modes and we seek ways to participate in this evolution. Our 2026 PE Conference will be held in Hong Kong in October
Meanwhile BDA continues to show strongly in Korea and India thanks to our excellent teams and unique positioning and by deploying global sector capabilities in local markets. In India we were awarded Investment Bank of the Year at the VCCircle Awards 2026 [linked here]. And our alumni focus below from Ryan Jung provides some insights into how BDA built its reputation in Korea, and also on the vibrant PE sector there in which he is now a participant.
Please stay in touch, gives us your updates, and visit us at any of our offices. We value your history, friendship and support of BDA.
Best regards,
Andrew Huntley
Managing Partner
Alumni in Focus
Douglas Lui previously worked at BDA Hong Kong office (December 2004 – April 2008), currently a Managing Director at Argyle Street Management Limited, an Asian-focused special situation fund manager.
What have you been up to lately in business?
I joined ASM shortly after leaving BDA in April 2008. This year marks the nineteenth year of my career with ASM.
ASM is a Southeast Asia-focused special situation fund with approximately US$1.7 billion in assets under management. We are a multi-strategy fund manager employing a broad spectrum of absolute return strategies, including private credit, non-performing assets, activist engagement, and litigation funding. I oversee several markets, including China, Hong Kong, Taiwan, and Myanmar.
What inspired you to pursue this career path?
Working at BDA required a high degree of initiative. My supervisor in Hong Kong at the time, Paul DiGiacomo, encouraged me to take discretion in how to best drive projects and expand our network. This experience was truly eye-opening. It instilled in me a “can-do” spirit that continues to motivate me to take on the challenging role of working on special situation investments across different jurisdictions.
Do you miss anything from your time at BDA?
What I miss most is the experience of building a new office and witnessing how the Hong Kong office evolved into a significant platform. I still remember purchasing the first desk for ASM Hong Kong in our small office at Harcourt House.
During my time at BDA, unlike today, our mandates were primarily buy-side. I vividly recall every adventure of approaching potential targets in Greater China for our clients, often traveling alone.
I also cherish the fruitful secondments to our Shanghai and New York offices, as well as the fantastic offsite trips to Phuket and Ho Chi Minh City.
How did BDA prepare you for your current success?
BDA provided me with practical, hands-on experience in deal execution. Success was not about Bloomberg screens or frenzy-driven models; it was about on-the-ground visits, effective communication, diligent due diligence, and negotiation.
More importantly, BDA cultivated an entrepreneurial spirit that continues to inspire me. Whether a deal can be made is something you only discover by trying.
Any words of wisdom for current BDA hires?
Time flies. It’s been nearly two decades since I left BDA, but I hope my advice remains relevant.
Instant communication is crucial. Keep your team members, clients, and other counterparts informed in a timely manner, and manage their expectations. This is a fundamental aspect of professionalism. In Chinese, please remember not to 閉門造車 (build a cart behind closed doors).
Be prepared to step out of your comfort zone. BDA offers numerous opportunities, including exchanges and relocations. Its flat organizational structure means you can easily reach out to senior management if you have good ideas to share. You will waste your time at BDA if you don’t take initiative.
Ryan Jung previously worked at BDA Seoul office (May 2015 – August 2021), currently the founder and CEO of Harbor One Investment, an independent private equity in Korea.
What have you been up to lately in business?
After leaving BDA in 2021, I started a new chapter of my career as a private equity investor, co-founding Oasis Equity Partners.
Since its establishment, we have been actively sourcing, executing, and managing investments across high-growth sectors where Korea enjoys strong global competitive advantages, including K-beauty, AI semiconductors, secondary battery materials, logistics automation, cloud-based enterprise software, and next-generation mobility technologies. Through Oasis, we have managed approximately KRW100bn (US$70m) in capital and built a strong track record through multiple successful investments and exits.
Building on that experience, I founded Harbor One Investment earlier this year.
What inspired you to go down this journey?
Over the course of 14 years in sell-side M&A advisory, including BDA Partners, I advised leading corporates, private equity firms, and entrepreneurs on M&A transactions across a wide range of industries.
While I enjoyed the analytical and strategic aspects of advising, I increasingly found myself drawn to the investor side of the table. I wanted to move beyond providing advice and become directly involved in building businesses, partnering with management teams, and creating long-term value.
That motivation led me to co-found Oasis Equity Partners in 2020. Over the past five years, I have built hands-on experience as an investor – sourcing proprietary opportunities, executing transactions, supporting portfolio companies, and working alongside entrepreneurs to drive growth and value creation.
Through that journey, I developed a strong conviction that successful investing is built on three things: differentiated sourcing, disciplined execution, and trusted long-term partnerships.
Building on the track record and experience accumulated at Oasis, I founded Harbor One Investment to scale that approach into a larger and more institutional platform. Our goal is to partner with exceptional middle-market businesses, leverage our network and execution capabilities, and help create the next generation of industry leaders in Korea and beyond.
What was your biggest takeaway or most memorable moment at BDA?
I have many cherished memories from my time at BDA, but one that particularly stands out is the nearly two-hour interview I had with Charlie before joining the firm. That conversation set the tone for the level of thoughtfulness and ambition I would come to experience throughout my time there.
I also fondly recall meeting Sonoda-san at a BDA workshop and staying up late, fully engaged in his story of joining BDA Tokyo later in his career and successfully growing the business. Those moments of connection and inspiration stayed with me.
Equally meaningful were the global experiences, such as traveling across the world and working closely with colleagues from many of BDA’s international offices.
Above all, I take immense pride in the journey of building BDA Seoul with Howard Lee. Over six years, we competed against bulge-bracket banks and completed 11 transactions totaling approximately KRW2.8 trillion (US$2 billion).
Establishing ourselves in Korea’s highly competitive M&A market as an elite boutique advisory firm was not only a bold challenge but also one of the most formative experiences of my career. Looking back, many of the entrepreneurial lessons I apply today as an investor and business builder were first learned during those years at BDA.
Do you miss anything from BDA?
Yes! I miss everything from BDA. What I miss most about BDA is its unique culture that truly set it apart.
Among the many M&A advisory firms I encountered, BDA stood out as a place where ambition and entrepreneurial drive were not only welcomed but expected.
In such a fast-growing environment, there was a real sense of curiosity and boldness. Teams were empowered to challenge market leaders, explore new advisory verticals, and shape new deal types.
That openness to new ideas, combined with strong collaboration and a shared sense of ownership, made BDA more than just a workplace.
It was a place where people built something meaningful together, and that is what I truly miss the most.
How did BDA equip you for your current success?
I started at BDA Seoul in 2015 with just three professionals which grew into a ten-member team by 2021.
Being part of that journey gave me firsthand experience in building a business from the ground up – developing client relationships, winning mandates, building teams, and establishing credibility in a highly competitive market.
More importantly, BDA taught me how to think like an owner. The entrepreneurial culture encouraged us to take initiative, embrace responsibility, and focus relentlessly on execution.
Those lessons proved invaluable when I co-founded Oasis Equity Partners in 2021. Over the past five years, I have applied many of the same principles to sourcing investments, supporting portfolio companies, and building an investment platform. Today, as I build Harbor One Investment, I continue to draw on the same mindset that was cultivated at BDA: combining entrepreneurial thinking with disciplined execution to build a lasting investment platform.
Any words of wisdom for current BDA hires?
One piece of advice I would offer is to fully embrace BDA’s unique culture, which is built on cross-office collaboration, mutual respect, a strong growth mindset, and active engagement from senior leadership.
Take ownership of your development. Do not wait to be guided. Instead, proactively seek feedback, push your thinking, and challenge yourself to grow.
Cross-border deals will expose you to the complexities of global M&A and give you the chance to work closely with colleagues from different backgrounds. If the opportunity arises, working abroad can also broaden your skills and perspective in ways you may not expect.
Remember that long-term success in advisory is driven by structured knowledge sharing and strong teamwork.
BDA offers many of the strengths that set it apart from other advisory firms, and I hope you take full advantage of them to build a meaningful and rewarding career.
Best of luck, and I hope you make the most of your time at BDA.
Margaret Albright previously worked at BDA New York office in Administration, Operations and HR for over 5 years (December 2014 – April 2021).
What have you been up to lately in business?
I am a consultant with Willis Towers Watson, advising on a wide range of people-related challenges and working with organizations to optimize their human capital and improve their overall workforce strategy. Some of my favorite projects are working with our M&A clients, helping them to harmonize their people functions post-merger.
What inspired you to go down this journey?
Working alongside my BDA colleagues to further develop BDA’s people functions revealed my passion for the strategic building and development of organizational capabilities. This insight has since allowed me to apply my expertise in creating tailored solutions for a diverse range of clients across the U.S.
Life post BDA
My husband and I moved to Los Angeles, CA, at the end of 2023. While we miss New York City, the constant sunshine, mild winters, and proximity to the ocean has been a nice change.
Do you miss anything from BDA?
I miss the people! I love all the friends and connections I made during my tenure at BDA. It was always a pleasure and an honor to get to work from other BDA offices and meet colleagues in real life.
How did BDA equip you for your current success?
BDA’s collaborative and open culture fostered significant professional growth during my tenure. By embracing new opportunities and receiving strong guidance and support from Euan (and Bill, and Charlie and Claus and many more) I was able to expand my skills and expertise at an accelerated rate.
Referral program for BDA alumni
Share your love for BDA Partners and enjoy the benefits.
- Know someone you think might be a good fit in the BDA team?
- Think BDA could help clients get the success they desire?
Check out our Employee and Business referral bonus policy
For open positions, please visit Career Page on the BDA website.
BDA recent transactions
BDA news & insights
BDA promotions 2026
As we begin 2026 with a record book of business, BDA Partners is pleased to recognize advancements across our team. A solid number of colleagues are being promoted, reflecting their continued growth, impact, and commitment to the firm.
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The US food and beverage market is no longer a monolith — it is a mosaic of micro-communities, lifestyle tribes, and fragmented consumer behaviors. The traditional “Big Food” playbook of relentless scale, mass-market advertising, and broad consumer appeal is being rewritten in real time.
Read more
Get in touch
If you have anything you want to share with us and the alumni community, to know more about the program, or to be featured, please get in touch with any of the Managing Partners or through one of the following channels:
BDA Alumni: alumni@bdapartners.com
Renita Brammadas, HR Director
Yuiko Kawabata, Operations & HR Manager
Molly Carroll, Admin & Marketing Assistant
Finally, don’t forget to join the BDA Partners LinkedIn Alumni Group.
