Two of Europe’s biggest buyout firms have hired top Chinese executives from Citigroup and Nokia to help source deals in the country, signalling the ambitions of private equity firms in the largest emerging market.

CVC Capital Partners appointed Chan Tze Ching Ignatius, Citigroup's former head of corporate and investment banking and senior country corporate officer for Greater China, as a senior adviser. Chan, who will focus on CVC's activities in Asia, also previously held the deputy chief executive role at Bank of China (Hong Kong).