TR targets $300m for fourth fund

TR Capital IV launched last week, according to a regulatory filing, and represents a significant expansion on the firm’s previous vehicle, which launched in 2015 with a $250 million target but closed at $175 million two years later. The fund will follow the same investment strategy as its predecessors, focusing on secondary direct, fund restructuring, and purchases of LP positions in funds.

Since its founding in 2007, TR has executed 34 transactions across Asia, primarily in the technology, consumer, healthcare, and financial services sectors. The firm currently manages capital commitments of nearly $400 million across its first three funds.

Last year saw TR open an office in Mumbai, its third office in Asia and first in India. This was followed the firm’s exit from Indian e-commerce giant Flipkart through a share buyback in conjunction with Walmart’s acquisition of the business; the sale gained TR a 3.4x net return after a holding period of more than three years.

TR expects investment opportunities in India to grow due to the mounting pressure on private equity firms to exit assets in the country and return money to LPs. This motivated two recent deals by the firm, in eyewear chain Lenskart and microfinance specialist Arohan Financial Services.

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• Topics
• Greater China
• Secondaries
• Fundraising
• GPs
• Hong Kong (China)
• TR Capital