Bank of America Merrill Lynch (BofA) will sell its Asia non-real estate private equity portfolio to a consortium of four private equity firms, Reuters reports. The consortium, headed by Paul Capital, will use the 20-asset portfolio to launch a new private equity manager, NewQuest Capital Partners. The new fund, NewQuest Asia Fund I, will focus on investment opportunities in Asia. The other consortium members include HarbourVest Partners Asia, LGT Capital Partners and Axiom Asia. The NewQuest private equity team includes former BofA employees, Darren Massara, Amit Gupta, Bonnie Lo and Min Lin.
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