Newbridge Capital Closes Second Asian Fund With $392 Million of Capital Committments.

SAN FRANCISCO--(BUSINESS WIRE)--July 29, 1999--

Newbridge Capital Group announced today the closing of its second Asian partnership, Newbridge Asia II L.P., with $392 million of capital commitments.

The fund will make private and public equity investments in Greater China (the PRC, Hong Kong and Taiwan), Japan, Korea and Southeast Asia.

Limited partners of Newbridge Asia II L.P. include major North American pension funds, banks, insurance companies and wealthy individuals. Newbridge pursues control investments together with local partners throughout Asia in a broad range of industries, targeting primarily sectors that are out of favor with other investors.

"We're pleased with the support from both new and existing investors," stated Dan Carroll, Managing Partner of Newbridge Asia based in San Francisco. "We are confident that the combination of Newbridge's strategic regional relationships, extensive private equity experience and proven ability to seek out significant stakes in undervalued companies will produce excellent results for this Partnership in the coming years."

Newbridge invests in a variety of industries, including consumer goods, steel, food & beverage and hotel management. Newbridge closed its first Asian fund in October 1995 with $105 million in committed capital. Since 1995, the partners have invested a total of $160 million in seven companies, including:

-- P.T. Astra Microtronics Technology, a leading provider of

subcontract assembly and test services to the global

semiconductor industry, located in San Francisco, California and

Batam, Indonesia.

-- Kerry Properties, a premier Hong Kong-listed property development

company controlled by Robert Kuok.

-- North Dragon, one of China's leading producers of low phosphorous 

pig iron, a key raw material in the casting of auto parts.

-- Xuzhou VV, a leading manufacturer of branded soymilk powder in

China under the well known "Wei Wei" brand.

-- Guan Sheng Yuan Group, China's largest non-chocolate

confectionery manufacturer, which sells under the "White Rabbit"

brand.

-- Formosa International Hotels Corporation, a leading hotel

operator in Taiwan, operating the Grand Formosa Regent Hotel in

Taipei.

-- International Container Terminal Services, a leading operator of

port facilities in emerging markets which operates the largest

container terminal in the Philippines, located in the Port of

Manila.

Newbridge Capital is a leading emerging markets private equity firm backed by Texas Pacific Group and Richard C. Blum & Associates (RCBA), which jointly established Newbridge in 1994. Lead by three partners and 12 deal professionals, Newbridge Asia has offices in Singapore, Hong Kong, Shanghai and San Francisco.

RCBA is a merchant banking and equity investment management firm that currently manages funds with an aggregate value of approximately $3 billion. RCBA has employed a long-term investment strategy of making strategic block investments and working with the management of these businesses to implement specific strategies aimed at increasing shareholder value. Major investments include Northwest Airlines, URS Corporation, Playtex and AC Neilsen.

Texas Pacific Group, formed in 1993, is sponsor of TPG Partners II, L.P., of Fort Worth, a private investment partnership with capital of approximately $2.5 billion. TPG's principals include David Bonderman, James G. Coulter, and William S. Price. The partnership and its principals have completed significant investments in technology and telecommunications (Paradyne, Zilog, GlobeSpan Semiconductor, GT Com, Landis & Gyr Communications), food and beverage products (Beringer Wine Estates, Del Monte Foods), retail (J. Crew), healthcare services (Oxford Health Plans) and airlines (Continental, America West).