NewQuest plots Singapore office – exclusive

The direct secondaries specialist is planning to open its fourth office this year, Secondaries Investor has learned.

NewQuest Capital Partners is eyeing a fourth regional office after raising the largest pool of capital dedicated to Asian secondaries, Secondaries Investor has learned.

The direct secondaries specialist is in the early stages of planning a Singapore outpost that should open this year, according to two sources familiar with the matter. It is understood the office’s functions will include deal sourcing.

NewQuest has offices in Beijing and Mumbai in addition to its Hong Kong headquarters.

It is unclear whether the office opening is related to the political unrest in Hong Kong that has continued since June.

NewQuest raised $1 billion in November for its fourth flagship fund, beating its $850 million target and $950 million hard-cap after nine months in market, according to Secondaries Investor data. The firm has raised four of the five largest dedicated Asian secondaries funds, with HQ Capital’s Auda Asia Secondary Fund coming in fifth at $250 million, SI data show.

Firms involved in secondaries with Singapore offices include fund of funds manager Axiom Asia Private Capital and Foundation Private Equity, which was founded by former Deutsche Bank Asset Management Asia private equity secondaries head Jason Sambanju.

NewQuest declined to comment.