Asian secondaries specialist TR Capital collects $350m in hard cap Fund IV close


Secondaries-focused Asian private equity house TR Capital has struck a $350m hard cap final close for its fourth flagship fundraise.

The new raise marks a jump from the $200m TR collected for its predecesor raise five years ago, and came in above its initial $300m target.

TR targets both secondary direct and fund portfolio investments, in sectors including tech, consumer and healthcare.

Firm founder and CEO Paul Robine said, “The demand for liquidity in the Asian private equity market has never been greater, offering an attractive market dynamic for TR Capital.

“As the secondaries market continues to grow in size and complexity, LPs are increasingly recognising that active secondaries are a better and more innovative way to invest in fast-growing Asian companies.”

He added that TR is hoping to invest $600m over the next few years through the fund and a co-investment programme.

Fund IV has already been tapped for investments in Vietnamese pharmacy chain Pharmity, and a portfolio from China-focused Genesis Capital I, which includes Full Truck Alliance and Aibee.

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