NewQuest, a secondary personal fairness platform centered on the Asia-Pacific area, introduced as we speak the shut of its fourth devoted secondary fund, NewQuest Asia Fund IV, L.P. (“Fund IV”, or the “Fund”). The Fund secured US$1 billion in whole commitments, surpassing its preliminary goal of US$850 million. The Fund elevated its unique arduous cap of US$950 million to accommodate robust investor demand. Together with the funding, NewQuest additionally introduced that Nitin Agarwal has joined the agency as Managing Director, based mostly in its Mumbai workplace.
Fund IV traders embody a various group of endowment funds, pension funds, sovereign funds, insurers, monetary establishments and household places of work throughout Asia, North America, Europe and the Center East. Fund IV’s shut comes on the again of NewQuest’s prior fund, NewQuest Asia Fund III, L.P., being absolutely deployed.
The Fund’s shut coincides with a continued, strong improve in demand for different liquidity options for personal fairness investments throughout Asia. As well as, advanced portfolio transactions, similar to fund restructurings and spinouts, an space through which NewQuest additionally specializes, have change into extra distinguished within the area.
“We’re very grateful to our restricted companions for entrusting us with their capital, and very excited concerning the market prospects for NewQuest’s secondary enterprise. The general secondaries market continues to see optimistic momentum as personal fairness house owners actively handle their portfolios to hunt liquidity,” mentioned Darren Massara, Managing Accomplice of NewQuest. “NewQuest has established itself because the main supplier of direct and bespoke secondaries transactions within the area, providing sensible options to PE traders whereas additionally delivering returns to our LPs.”
Based in 2011 from the spin out of Financial institution of America Merrill Lynch’s Asian Non-public Fairness crew, NewQuest at the moment manages 4 funds with mixture capital commitments of over US$2.42 billion