TPG NewQuest, one of the region’s leading secondary private equity platforms, has closed its fifth Asia-focused secondaries fund at $981 million, Mergermarket reported.
The total includes a $689-million core co-mingled vehicle—anchored by a $20 million general partner commitment—and several separately managed accounts, according to the report.
DealStreetAsia has reached out to TPG NewQuest, but the firm declined to comment.
The funds primarily target companies across emerging Asia, focusing on minority and control transactions of $25-75 million per company, and $50-250 million for portfolio companies.
According to TPG’s first-quarter disclosure, nearly $341 million had been deployed from the core fund as of March 2025, with reported net returns of 1.6x and an internal rate of return (IRR) of 43%.
NewQuest V was launched in early 2022 with a target of $1.5 billion. Fund IV raised $1 billion in 2019 while NewQuest’s Fund III closed at $540 million in 2016. The second fund made a final close in July 2014, with $326 million in total commitments.
Starting from a strategic partnership in 2018, TPG NewQuest became wholly owned by TPG in January 2022.
TPG NewQuest, which manages about $3.5 billion in assets, was originally focused on emerging markets but is now expanding into developed Asia.
Most recently, TPG NewQuest led the $230-million strip sale involving Navis Capital Partners. It is also an investor in Navis’s first continuation vehicle, which closed at $450 million in 2021.
TPG NewQuest underwent senior-level changes last year with the departures of Hong Kong-based Bonnie Lo and Mumbai-based Nitin Agarwal and the appointment of Roy Kim in Hong Kong, according to their LinkedIn profiles.
Secondaries are emerging as a key entry point for investors before they visit more traditional strategies, Adeline Tan, Head of Investments for Asia at Mercer, earlier said.
