TR Capital
TR Capital opens second India office
Secondaries investor TR Capital has established a second base in India – and sixth region-wide – with the opening of an office in New Delhi.
Investor caution, bid-ask spreads hold back China secondaries
Secondaries investors see a lot of potential GP-led deal flow coming out of China, but completion rates are being held back by caution among buyers and a reluctance among sellers to compromise on valuations.
TR exits last China asset acquired through Cassia restructuring
TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.
TR hits $350m first close on fifth Asia secondaries fund - update
TR Capital, an Asia-focused private equity secondaries investor, has reached a first close of USD 350m on its fifth fund, which has an overall target of USD 600m.
Deal focus: TR leads $150m multi-asset secondary for India's Samara
TR Capital first worked with Samara Capital on a single-asset continuation fund for Sapphire Foods India – and saw the local Yum Brands franchisor go public about three months after the deal was announced. It has now reunited with Samara for what amounts...
Asia secondaries: Layers and structures
With private market valuations yet to see a meaningful reset in Asia and heightened risk factors in China, investors are exploring ways to drive secondary deal flow by closing the bid-ask spread
Secondaries specialist TR Capital expands into Singapore
Asia-focused secondaries investor TR Capital has opened an office in Singapore, expanding a regional footprint that already includes bases in Hong Kong, Shanghai, Shenzhen, and Mumbai.
China secondaries: Liquidity play
Under pressure to generate returns amid a challenging fundraising environment, Chinese GPs are beginning to revise pricing expectations to get traction with continuation funds
Secondaries: Straight outta Asia
The growing secondaries opportunity in Asia is attracting more global capital, but managers with strategies dedicated to the region are few. This is changing, albeit gradually
Creador, NewQuest, TR invest Yum Brands India franchisee
Creador, NewQuest Capital Partners, and TR Capital have co-led an INR11.5 billion ($155 million) investment in Sapphire Foods India, a franchisee operator of US fast food giant Yum Brands.
Deal focus: TR Capital doubles down on China tech
Secondaries specialist TR Capital has established a base in Shenzhen with a view to sourcing more deals in China’s red-hot technology sector. Online used car trading platform Bochewang is the latest example
Asia secondaries: Continuation conundrum
The rapid ascent of single-asset continuation vehicles in the US and Europe might be emulated in Asia, but investors are approaching the market with measured optimism
TR, Shenzhen Capital back renminbi continuation fund
TR Capital and Shenzhen Capital Group have backed the spin-out of six healthcare assets held by China focused GP Huagai Capital into a RMB800 million ($125 million) renminbi-denominated continuation fund.
Vietnam middle market: Room for maneuver
There is a perceived sweet spot in Vietnam where check sizes are too big for local GPs and too small for pan-regionals. Taking advantage means addressing structural nuances and strategic competition
KKR invests $95m in India's Lenskart
KKR has invested $95 million in Indian eyewear retail leader Lenskart via a secondary transaction that facilitated partial exits of undisclosed size for TPG Growth and TR Capital.
PE-backed Arohan Financial Services files for India IPO
Arohan Financial Services, an Indian microfinance institution (MFI) that was acquired by Aavishkaar Group in 2012 and went on to receive funding from several other PE investors, has filed for a domestic IPO.
Fund focus: TR raises $350m for China-heavy secondaries strategy
Having closed its fourth fund at the hard cap of $350 million, Asia secondaries specialist TR Capital expects to go deep into China fund restructurings, taking out renminbi investors onshore and offshore
Asia secondaries: Waiting for the flood
Secondary investors expect deal flow to rebound strongly once there is more certainty on valuations. In Asia, the opportunity will be larger and more nuanced than the post-global financial crisis frenzy
India secondaries: Mixed signals
India has skirted around an expected boom in secondaries activity for the past couple of years, but investors haven’t lost faith in the narrative’s eventual unfolding. The devil will be in the details
TR targets $300m for fourth fund
Hong Kong-based secondaries specialist TR Capital is seeking to raise $300 million for its fourth private equity fund.
Junshi Biosciences seeks up to $414m in HK offering
Shanghai Junshi Biosciences, a Chinese drug developer backed by Hillhouse Capital, is seeking to raise up to HK$3.2 billion ($414 million) through a Hong Kong IPO.