Singapore’s sovereign wealth fund, GIC, and NewQuest Capital Partners have backed a $267-million South Asia continuation fund by Everbridge Partners, a spinout from Capital Group Private Markets, per a report by AVCJ.

The continuation fund follows a previous attempt two years ago when a larger deal involving some of the same assets failed to close due to portfolio volatility, the report said.

GIC and NewQuest have reportedly made roughly equal commitments to the fund, which comprises two assets.

DealStreetAsia has reached out to Everbridge for comment.

Some of Everbridge’s portfolio companies include Indonesia’s Gojek, China’s DiDi, and India’s Deccan Aviation, which merged with Kingfisher Airlines in 2007, per the investment firm’s website.

American private equity giant TPG upped its stake in Hong Kong-based NewQuest, which became its wholly owned subsidiary in January last year, from an initial minority stake it made in 2018. Last July, NewQuest was understood to be raising its fifth Asia fund at $2 billion.

The Singapore sovereign wealth fund topped the charts in terms of deployment last year. The $690-billion fund was the world’s most active state investor last year, deploying $39 billion across 72 deals, according to a report by industry specialist Global SWF.