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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.

(Reuters) – Bank of America Merrill Lynch has agreed to sell its $400 million Asia non-real estate private equity portfolio to a consortium of four private equity firms headed by Paul Capital, according to sources familiar with the matter.

The consortium is using the portfolio, which holds around 20 assets largely acquired by Merrill Lynch, to form 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.

The other consortium members are HarbourVest Partners Asia, LGT Capital Partners and Axiom Asia, the statement added.

The four-member NewQuest team, all former Bank of America Merrill Lynch employees, is led by managing partner Darren Massara, with Amit Gupta, Bonnie Lo and Min Lin as partners.

The sources declined to be named as the the size of the portfolio was not made public.

(Reporting by Stephen Aldred)