TR Capital, a Hong Kong-based secondaries specialist that has ramped up its India presence over the past year, is seeking to raise $300 million (Rs 2,110 crore) for a new private equity fund.
The PE firm floated the fourth fund, TR Capital IV, last week to raise commitments from limited partners, according to a regulatory filing.
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.
In June last year, the firm opened its third Asia office in Mumbai and relocated some team members to the city. The team in Mumbai reports to Paul Robine, the firm’s founding partner and chief executive.
TR Capital makes secondary direct investments, in addition to fund restructuring and secondary fund acquisitions. Secondaries firms do not make primary investments in companies.
TR Capital has been fairly active in India in recent months. It e-commerce company exited Flipkart in May last year after a three-year investment period. It also increased its stake in eyewear retailer Lenskart Solutions Pvt. Ltd and acquired a stake in non-bank lender Arohan Financial Services Pvt Ltd.
In March last year, it acquired a 50% limited partner interest in the first fund of homegrown private equity firm Tano Capital in a rare instance of a secondaries deal where limited partner (LP) interest has changed hands.
TR Capital joins a number of Asia-focussed funds that have recently launched new investment vehicles or made final closures.
Last week, London-based impact investor LeapFrog Investments said it had received commitments worth $700 million (around Rs 4,900 crore) for its third fund, topping its initial target of $600 million.
Hong Kong-based Baring Private Equity Asia, which has a sizable India presence, is on the road to raise a largest India-dedicated private credit fund.