BofA Sells Asian Private Equity Assets to NewQuest Capital

Bank of America Corp. (BAC) sold its non- real estate private equity assets in Asia to NewQuest Capital Partners, said Darren Massara, a managing partner at NewQuest.

NewQuest, backed by a group of investors including Paul Capital Partners, HarbourVest Partners, LGT Capital Partners and Axiom Asia, is starting a $400 million private equity fund, Massara said in a telephone interview today. He declined to say how much NewQuest paid Bank of America for the assets.

The fund bought more than 20 different investments, mainly in China and India, from Bank of America, according to a statement from NewQuest. Rob Stewart, a Hong Kong-based spokesman at Bank of America, declined to comment.

“The portfolio purchase was substantial, but we also have substantial money to invest,” Masara said.

Deals between private equity firms represent about 10 percent of all such transactions in Asia, compared with about 50 percent in Europe, according to Massara. This so-called secondary market is “the largest untapped market,” he said.

Massara worked for Merrill Lynch & Co., the investment bank bought by Bank of America in 2009, before joining NewQuest. Former Merrill employees Amit Gupta, Bonnie Lo and Min Lin are partners in NewQuest, according to the statement.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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