Consortium Buys Asia PE Assets from BoA Merrill Lynch

A consortium of private equity firms will buy a $400 million Asia non-real estate private equity portfolio from Bank of America Merrill Lynch, Reuters reported. Paul Capital leads the group, which also includes HarbourVest Partners Asia, LGT Capital Partners and Axiom Asia. The portfolio – about 20 assets – will become the holdings of a new private equity manager, NewQuest Capital Partners, which will focus on investment opportunities in Asia. The new fund will be called NewQuest Asia Fund I L.P, according to a statement issued by NewQuest on Monday, Reuters reported.

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