NewQuest opens India office

The India team now numbers nine professionals, following several recent hires. These include Sachin Khandelwal, who serves as director and head of portfolio management in Mumbai. He was previously a senior principal at Bain & Company and before that spent five years at Hindustan Unilever, holding positions in both sales and marketing.

“The new Mumbai office and recent team additions will help us to continue to provide liquidity solutions to GPs through direct purchases and LPs through fund restructurings. It will also allow us to become more deeply involved with our portfolio companies and to work closely with our GP partners in the region,” said Amit Gupta, partner and head of India and Southeast Asia at NewQuest, in a statement.

Previous activity in India includes the acquisition of the majority of Draper Fisher Jurvetson’s portfolio in the country and participation in a $21 million investment in construction firm Capacit’e Infraprojects and engineering components manufacturer Maini Precision Products. Both are portfolio companies of India-based GP Paragon Partners, with NewQuest buying shares from existing investors.

NewQuest was created in 2011 through the spin-out of Bank of America Merrill Lynch's (BAML) Asia private equity team. They took 21 private equity positions with them and raised a $400 million fund backed by four secondary investors. A second fund of $316 million closed in mid-2014. NewQuest closed Fund III last year at the hard cap of $540 million.

The GP primarily targets single assets and portfolios of assets in the region on a direct basis. However, Fund III also considers transactions closer to the traditional LP interest end of the spectrum, such as fund restructuring or spin-out opportunities whereby a significant LP stake is available.

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