Direct secondaries fund manager NewQuest Capital Partners has reached a final close for its latest fund, NewQuest Asia Fund III, with US$540.5 million in capital commitments, exceeding its original US$500 million target. Investors in the fund included pension funds, sovereign wealth funds, insurers and financial institutions in Asia, North America, Europe and the Middle East. The fund will invest in companies across Emerging Asia, committing US$25 million to US$75 million per investment.