TR Capital opens second India office

It comes days after KKR also opened a second office in the country, adding a base in Gurugram, a financial and technology hub near New Delhi, to its existing Mumbai presence.

TR’s most recent India deal came at the start of this year when it led a USD 150m transaction that saw three investments managed by local GP Samara Capital spun out into a continuation fund, as announced. These were the sole remaining privately held assets in Samara’s second fund, which will reach the end of its life in 2024.

“India presents a significant opportunity for secondary private equity as it has been a bright spot in a challenging market. Having teams on the ground in both Delhi and Mumbai strengthens our ability to source deals locally and increases our proximity with our investee companies,” said Paul Robine, the firm’s founder and CEO, in a statement.

“The investment prospects in India also align with our core sectors of technology, consumer, and healthcare, and we look forward to expanding our portfolio in the country.”

TR is currently in the market with its fifth Asia fund, which has a target of USD 600m. A first close of USD 350m came in the first week of January, with nearly 90% of Fund IV LPs re-upping. The firm closed Fund IV on USD 350m in 2021.

Last year, TR outlined plans to pursue more deals in Southeast Asia, establishing an office in Singapore to support this effort. Its other bases are in Hong Kong, Shanghai, and Shenzhen.

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