| HONG KONG, March 8
HONG KONG, March 8 Greenpark Capital has
launched a $500 million global fund to invest in private equity
secondary markets, with a $100 million cornerstone investment
from International Financing Corp, the finance arm of
the World Bank, according to sources familiar with the matter.
The fund will initially invest in Asia, and Greenpark has
established a Hong Kong office, according to a statement.
Secondary buyers form a niche part of the private equity
market, and Greenpark is among a number of global players to
have recently arrived in Asia, attracted by the region's
maturing funds and by global market instability.
The firms buy stakes in private equity funds from investors
seeking an exit, take over managing a company or a portfolio of
companies held by a private equity firm, or team up with a
private equity firm doing a leveraged buyout by offering cash to
support a bid.
Greenpark has hired Chin Chin Teoh, a former Bank of America
Merrill Lynch managing director and co-head of the bank's Asia
private equity group, as Head of Asia and to source deals, the
Greenpark initially plans to grow the fund through
investments into mature markets in Asia, such as Japan, Taiwan,
South Korea and Singapore, but plans to expand the fund to cover
Latin America, the Middle East, Africa and Central and Eastern
Greenpark declined to comment on the fund details. IFC did
not offer an immediate comment. The sources were not authorised
to talk to the media.