Private equity firm TPG will bump up holding in NewQuest Capital Partners to own a controlling stake in the Hong Kong-based secondaries PE firm, which itself has been looking to increase exposure to India.
The transaction is expected to close in the second quarter of the calendar year and is subject to regulatory approvals.
US-based TPG had picked up a minority stake in 2018.
Darren Massara, managing partner at NewQuest, and his leadership team will remain at the helm.
NewQuest, launched in 2011, manages approximately $2.4 billion in assets across four funds. It raised the latest vehicle in November of 2019.
The expanded partnership with NewQuest will complement TPG’s recently announced secondary investing business, which will focus on the US and Europe. The US and European team is led by Michael Woolhouse, a veteran who joined TPG in 2020.
“Secondaries have become an increasingly important part of our ecosystem over the past 10 years,” said Jon Winkelried, co-CEO of TPG.
NewQuest had been in discussions to acquire the limited partner (LP) interest of venture capital firm New Enterprise Associates in its India arm.
TPG’s India play is dominated by TPG Growth, which makes growth-equity bets and invests in mid-market companies. TPG Growth has backed digital payments firm AGS Transact, eyewear retailer Lenskart, footwear maker Campus and online ticketing company BookMyShow, among others, in India.