Hong Kong-based NewQuest Capital Partners is seeking to buy assets of other private equity firms in India, The Wall Street Journal. NewQuest was created from the Asian private equity business of Bank of America Merrill Lynch. The new team raised a $400 million NewQuest Asia Fund I and used a part of it to buy BofA’s Asian portfolio last month. The vehicle is planning to roll out its initial fund within the next 18 months.

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