Amit Gupta, one of TPG NewQuest’s four founding partners, will depart in June 2026 as part of a broader ongoing transition at the Asia-focused secondaries specialist that also includes several promotions and assorted new hires.

LPs were recently informed that Gupta, who oversees investment activities in India and Southeast Asia, would make a staged exit over an approximately 16-month period, according to two sources familiar with the situation. Two other founding partners, Bonnie Lo and Min Lin, retired at the end of last year for personal reasons.

Since then, there have been two senior promotions, with Hong Kong-based Alex Shum and Singapore-based Desmond Lee both elevated to partner. Each has been with TPG NewQuest for more than 10 years. Shum co-leads the China team while Lee is responsible for Southeast Asia.

AVCJ reported the arrival of Roy Kim from Canada Pension Plan Investment Board (CPPIB) in November 2024. He is building out a team to cover developed Asia, complementing TPG NewQuest’s traditional core markets of China, India, and Southeast Asia. This reflects a closer alignment with TPG’s [NASDAQ:TPG] core markets in the region, one of the sources said.

To this end, Matt Helman was recently recruited as a vice president in Sydney. He is scheduled to start work next month. Another vice president-level hire is pending in Tokyo, the source added.

Gupta, who will concentrate on personal investing once he departs, formed NewQuest Capital Partners in 2011 alongside Lo, Lin, and Darren Massara. They led a team that spun out from Bank of America Merril Lynch and raised a debut fund to acquire assets from the bank’s balance sheet. TPG acquired a one-third stake in NewQuest in 2018 and increased its holding to two-thirds in 2021. It assumed full ownership in 2022.

Massara remains a co-founder and managing partner at TPG NewQuest. He also holds responsibilities with TPG globally.

TPG NewQuest’s fifth fund is still expected to close in March following several extensions, the second source said. The vehicle launched in 2022 with a target of USD 1.5bn and the hard cap was later set at USD 2bn.

As of December 2024, the fund had committed capital of USD 673m, of which USD 327m had been deployed, according to TPG’s public filings. The net multiple and IRR were 1.5x and 42%, respectively. Fund IV, which closed on USD 1bn in late 2019, was marked at 1.2x and 8%.

TPG NewQuest started out as a direct secondaries specialist, picking up single positions and portfolios from other managers. It subsequently expanded into GP-led transactions, although these are typically complex restructurings intended to provide bespoke liquidity solutions.

TPG and Gupta both declined to comment.