NewQuest launches fund with portfolio of BoA Merrill investments

NewQuest Capital, a $400 million fund backed by four investment firms and staffed by former BoA Merrill employees, buys a portfolio of 20 BoA Merrill private equity positions.
Darren Massara, NewQuest
Darren Massara, NewQuest

Bank of America Merrill Lynch has sold a portfolio of 20 non-real estate private equity interests to NewQuest Capital Partners, a newly established private equity fund staffed by former BoA Merrill employees.

NewQuest has raised $400 million of capital from four investment firms Paul Capital, HarbourVest Partners, LGT Capital Partners and Axiom Asia. NewQuest will deploy this money in secondary investment opportunities in Asia. The BoA Merrill portfolio is the first investment made by NewQuest. Both NewQuest and BoA Merrill did not reveal the price at which the portfolio has changed hands. Further, Darren Massara, managing partner of NewQuest, also...

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