Hong Kong-based private equity firm TR Capital said on Thursday it has increased its stake in eyewear retailer Lenskart Solutions Pvt. Ltd and acquired a stake in non-bank lender Arohan Financial Services Pvt Ltd.
TR Capital made both investments from its third fund, the firm said in a statement. It didn’t disclose the amount it invested.
TR Capital, which specialises in secondary PE deals, acquired the stakes of PE firm TPG Growth and Unilazer Alternative Ventures LLP in Lenskart to take its holding to 10%. The firm had first invested in the eyewear retailer in 2013.
In Arohan, TR Capital acquired a stake of about 10.5% from investors Aavishkaar and Tano Capital. VCCircle had reported TR Capital’s investment in Arohan last month as part of a broader transaction.
“Private equity in India is maturing and the development of the secondary market is a natural consequence of the large volume of PE investments in the last 15 years,†said Paul Robine, founding partner and CEO of TR Capital.
TR Capital was formed in 2007 to invest in Asia-focussed private equity secondary transactions. Across Asia, TR Capital has executed 32 transactions via three funds, raised in 2008, 2012 and 2016. It manages capital commitments of $400 million.
In India, it began investing in 2008. It has invested in a number of Indian companies such as Flipkart, Lenskart, Urban Ladder, Sedemac, SSIPL Retail Ltd and Vivimed Labs unit Uquifa, the firm said in the statement.
