NewQuest Raises $500M For Third Fund
Tuesday, March 15, 2016
(ChinaMoneyNetwork by Jillian Yue) – NewQuest Capital Partners, a Hong Kong-based specialist in private equity direct secondary deals, has reached a first closing of US$500 million for its third fund.
The vehicle, which is targeting US$520 million, will continue to focus on secondary deals in Asia, particularly in China and India.
Separately, NewQuest has appointed former CVC Capital Partners managing director Wong Daizong as a partner, it says in a separate announcement.
Based in Beijing, Wong will lead the effort to open NewQuest’s China office later this year as its first presence outside of Hong Kong.
Wong will also work closely with China co-heads Bonnie Lo and Min Lin to continue to expand NewQuest’s China business.
"Direct secondary transactions have now become a meaningful exit option for Chinese investors," Wong commented in the statement.
