Asian secondaries firm TR Capital raised $350 million for its fourth flagship fund, the firm said on Friday.
The firm was initially targeting $300 million for its fourth fund which eventually oversubscribed and hit its hard cap.
“We increased the fund size above the originally planned $300 million given the outsized demand we received. Through Fund IV and our co-investment programme, where our LPs (limited partners) co-invest alongside TR, we expect to invest $600 million over the next few years,” said Paul Robine, founder and CEO of TR Capital.
Its returning investors include sovereign funds, pension funds, asset management firms and family offices across Asia, Europe, and North America. The TR Capital team has also made a significant commitment to the fund.
“The demand for liquidity in the Asian private equity market has never been greater, offering an attractive market dynamic for TR Capital. As the secondaries market continues to grow in size and complexity, LPs are increasingly recognizing that active secondaries are a better and more innovative way to invest in fast-growing Asian companies,” Robine said.
In India TR Capital has stakes in eyewear retailer Lenskart Solutions Pvt. Ltd, non-bank lender Arohan Financial Services Pvt Ltd and the firm that operates BigBasket.
In 2018, it bought out some LPs in mid-market Private equity Tano Capital.
TR Capital Fund IV has already completed three investments to date: a pioneering RMB to USD fund restructuring of Kinzon Capital’s RMB Fund; a secondary direct in Pharmacity, Vietnam’s largest pharmacy chain; and an acquisition of a portfolio comprised of interests in Genesis Capital I, Full Truck Alliance, and Aibee.
TR Capital is led by Robine, and by managing partners Colin Sau and Frederic Azemard, based in Hong Kong, with further offices and local teams in Shanghai and Mumbai.
TR Capital was established in 2007 to invest in Asia-focussed PE secondary transactions. It has executed 34 transactions via three funds that it floated in 2008, 2012 and 2016. It manages capital commitments of $600 million, according to the firm.