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TPG investing in secondary PE firm NewQuest

TPG Capital Management LP is acquiring a minority stake in Hong Kong-based NewQuest Capital Partners, a private equity firm that specializes in secondary transactions in the Asia-Pacific region, Bloomberg News reported.

NewQuest acquires stakes in companies from direct private equity investors on a single-asset or portfolio basis, according to its website, and it also partners with private equity managers to restructure existing funds or sponsor spin-out captive teams. It has investments in China, India, Japan and Southeast Asia.

According to Bloomberg, NewQuest will continue to operate as an independent entity. TPG is making the investment with its own balance sheet and not through a fund, the news service reported.