Friday, 21 October 2016
Last updated 43 min ago
Apr 27 2011 | 12:00pm ET
Bank of America has sold off a big chunk of its private equity assets to four private equity firms.
The investment bank agreed to sell its non-real estate private equity portfolio in Asia to NewQuest Capital Partners, a new firm backed by four other p.e. shops. Most of the assets were acquired by Merrill Lynch before its sale to BofA.
NewQuest, which has received commitments totaling about $400 million, is headed by four BofA Merrill Lynch veterans, Darren Massara, Amit Gupta, Bonnie Lo and Min Lin. Massara is managing partner.
The acquisition of the roughly 20 holdings was financed by Axiom Asia, HarbourVest Partners, LGT Capital Partners and Paul Capital.