Two of the founding partners of TPG’s Asia Pacific private equity secondaries specialist manager have departed the firm, with its Fund V now expected to close by March 2025, according to a report by ION Analytics citing four anonymous sources.
NewQuest Capital Partners COO Bonnie Lo and co-head for greater China Min Lin are exiting the firm, reportedly due to personal reasons, leaving the other two remaining founding partners Darren Massara and Amit Gupta to carry on leadership roles for the TPG and NewQuest tie-up. A managing director from Canada Pension Plan Investment Board, Roy Kim, is also reportedly set to join NewQuest, with the firm expecting to make additional hires in the near future following recruitment efforts to further tap into developed markets such as South Korea, Japan, and Australia.
NewQuest’s 2022 vintage Fund V is also now expected to complete its final close by March 2025 following several extensions. The fund, targeting $1.5B with a $2B hard cap, had raised approximately $600M on first close in mid-2022, according to ION Analytics, increasing further to $667M by June with around half of the received capital already mobilized.
Source: https://ionanalytics.com/insights/mergermarket/two-founding-partners-to-depart-asia-secondaries-investor-tpg-newquest/
