NewQuest closes $1 billion for its Fund IV fund

NewQuest, a secondary private equity platform focused on the Asia-Pacific region, announced today the close of its fourth dedicated secondary fund, NewQuest Asia Fund IV, L.P. (“Fund IV”, or the “Fund”). The Fund secured US$1 billion in total commitments, surpassing its initial target of US$850 million. The Fund increased its original hard cap of US$950 million to accommodate strong investor demand. Along with the funding, NewQuest also announced that Nitin Agarwal has joined the firm as Managing Director, based in its Mumbai office.

Fund IV investors include a diverse group of endowment funds, pension funds, sovereign funds, insurers, financial institutions and family offices across Asia, North America, Europe and the Middle East. Fund IV’s close comes on the back of NewQuest’s prior fund, NewQuest Asia Fund III, L.P., being fully deployed.

The Fund’s close coincides with a continued, robust increase in demand for alternative liquidity solutions for private equity investments across Asia. In addition, complex portfolio transactions, such as fund restructurings and spinouts, an area in which NewQuest also specializes, have become more prominent in the region.

“We are very grateful to our limited partners for entrusting us with their capital, and extremely excited about the market prospects for NewQuest’s secondary business. The overall secondaries market continues to see positive momentum as private equity owners actively manage their portfolios to seek liquidity,” said Darren Massara, Managing Partner of NewQuest. “NewQuest has established itself as the leading provider of direct and bespoke secondaries transactions in the region, offering practical solutions to PE investors while also delivering returns to our LPs.”

Founded in 2011 from the spin out of Bank of America Merrill Lynch’s Asian Private Equity team, NewQuest currently manages four funds with aggregate capital commitments of over US$2.42 billion