US pension fund backs TPG-backed NewQuest’s latest Asia fund

NewQuest Capital managing partner Darren Massara.

The New York State Common Retirement Fund (NYSCRF) has disclosed a $20-million commitment to Hong Kong-based NewQuest Capital Partners‘ latest Asia secondaries fund.

The pension fund closed the investment in NewQuest Asia Fund IV in June, according to a notice by Thomas DiNapoli, the state comptroller and trustee of NYSCRF.

NewQuest Asia Fund IV is targeting a corpus of $850 million and has raised over $742 million from 27 investors, it said in a stock exchange filing last month. The vehicle will invest in secondary deals in growth-stage companies in the Asia Pacific region.

NewQuest’s third Asia fund was closed at $540 million in 2016.

Its funds primarily target companies across emerging Asia, focusing on minority and control transactions of $25-75 million per company, and $50-250 million for portfolio acquisitions.

Founded in 2011, NewQuest has been focused on secondaries deals in Asia since it was spun out of Bank of America Merril Lynch’s Asia Private Equity group. It oversees $1.25 billion worth of capital commitments.

In 2018, TPG Capital acquired a stake in NewQuest via its balance sheet — not via a fund — to increase its exposure to the Asian secondaries market.

Meanwhile, NYSCRF also disclosed allocating $5 million to S Capital Opportunity Fund, which is managed by Sequoia Capital Israel. S Capital Opportunity Fund is a $50-million venture opportunity fund for Israel.

In total, the $210-billion US pension fund approved capital commitments worth over $1 billion in June, including two via its emerging manager programme, which invests in “newer, smaller and diverse investment management firms.”

The commitments include $20 million for Motive Capital Fund 1-A, which will invest in growth equity and buyout transactions in financial technology businesses, and $300 million for Empire GCM RE Anchor Fund, a closed-end, separately managed account focused on deploying capital to emerging real estate managers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.