TPG acquires a majority stake in Newquest Capital Partners

February 25, 2021

TPG has agreed to acquire a majority interest in NewQuest Capital Partners, a private equity secondaries platform focused on Asia Pacific. While no financial details were disclosed, NewQuest told SVCA it will still retain a significant minority in the business founded in 2011, and senior leadership team led by Darren Massera will maintain oversight of NewQuest’s business and its investment process including the strategy for its existing funds.

TPG acquiring a majority stake in NewQuest will complement the buyout firm’s recently announced secondary investing business in the U.S. and Europe. TPG in 2018 made a minority investment in NewQuest, which closed its most recent fund, NewQuest Asia Fund IV, in November of 2019 on US$1 billion of commitments, the largest dedicated pool of capital raised for Asian secondaries to date.

Darren Massara, Managing Partner of NewQuest shared in a statement: “TPG has made us feel part of their community by ensuring we have access to the people, resources, and insights to help build and scale our business. I am excited to continue these efforts as part of TPG’s platform, and I look forward to leveraging our market expertise to help TPG expand its secondary investing capabilities globally.”
The U.S. and European team is led by Michael Woolhouse, an industry veteran who joined TPG in 2020 to spearhead the effort.

“Secondaries have become an increasingly important part of our ecosystem over the past 10 years, and our partnership with Darren and the NewQuest team has provided us with unique exposure and insight into this fast-growing and evolving market,” said Jon Winkelried, Co-CEO of TPG.