NewQuest Launches Asian P.E. Fund, Acquires BofA/Merrill Lynch Portfolio

Apr 18 2011 | 10:01am ET

Newly established private equity manager NewQuest Capital Partners has launched an Asia-focused fund which has acquired “substantially all” of Bank of America Merrill Lynch’s non-real estate private equity portfolio in Asia.

The fund is called the NewQuest Asia Fund I and the BofA/Merrill Lynch Asia private equity team will continue to manage the portfolio as part of NewQuest Capital Partners. The acquired portfolio consists of over 20 growth-equity and buyout interests primarily in Chinese and Indian companies focused on domestic economies. The fund will also have capital reserved to make new and follow-on investments with an emphasis on the purchase of direct secondary equity positions in Asia.

The NewQuest Capital Partners private equity team will be led by Darren Massara, as managing partner, and Amit Gupta, Bonnie Lo and Min Lin as partners—all formerly of BofA/Merrill Lynch’s Asia private equity team.

NewQuest is backed by a four-member syndicate made up of Paul Capital, an international p.e. firm with $4.6 billion in capital commitments in its secondary private equity program; HarbourVest Partners, a global private equity firm which has acquired $8 billion in p.e. assets since 1984; Switzerland-based LGT Capital Partners, a fund of funds manager with $21 billion in assets under management; and Axiom Asia, a p.e. fund of funds manager based in Singapore.
 


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