Asia

Norbert Fernandes, who spent four years at the Singaporean state investment firm, will head up the direct secondaries specialist's third outpost in the region.

Darren Massara, a managing partner at Asian direct secondaries specialist NewQuest Capital Partners, tells Secondaries Investor why the firm chose to sell a significant minority stake to TPG and what’s next in terms of expansion and new strategies.

The acquisition of a 'significant' minority stake will help NewQuest expand its range of secondaries offerings and dealflow.

The fund has garnered over $170m so far and will target special situations, secondaries and private equity investments.

A lack of exit opportunities is a thing of the past, according to managing director Tim Brody, whose firm has placed a big bet on Asia with its latest secondaries funds.

Secondaries are part of the sovereign wealth fund's bid to increase its alternatives exposure by 5% over the next two years.

Subsidiary Azalea Asset Management had been acquiring stakes on the secondaries market with the intention of using them in its Astrea IV collateralised fund obligation.

Public Officials Benefit Association, which has $9.2bn under management, is putting aside an initial $150m for primaries, secondaries and coinvestments.

Commonwealth Superannuation Corporation is working with advisor Greenhill on the sale, Secondaries Investor has learned.

This is the second secondaries fund that HQ has closed in recent weeks, with Auda Asian Secondary Fund raising $250m.