TPG to buy majority stake in NewQuest Capital

NewQuest Capital Partners minority investor TPG agreed to acquire an undisclosed majority stake in the Asia-Pacific-focused secondary private equity firm.

TPG in 2018 bought a minority stake in NewQuest, which manages about $2.4 billion in assets across four funds.

NewQuest's existing leadership team, led by Managing Partner Darren Massara, will maintain oversight of the firm's business and its investment process, including the strategy for its existing funds.

The deal is scheduled to close in the second quarter, subject to regulatory and other approvals.

Separately, TPG agreed to sell Southern California-based supermarket chain Gelson's Markets Inc. to Pan Pacific International Holdings Corp. in a deal set to close in the second quarter.

TPG bought Gelson's in 2014.

Moelis & Co. is financial adviser to Gelson's, while Ropes & Gray LLP is legal adviser to Gelson's and TPG.

SMBC Nikko Securities Inc. is financial adviser to Pan Pacific International, while Cooley LLP is the company's legal adviser.