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Hong Kong’s TR Capital returns with Fund IV

The Asia secondaries specialist is seeking $300m for TR Capital IV and is targeting US investors, according to an SEC filing.

TR Capital is in market with its fourth flagship secondaries fund, the second Asia specialist to return in a matter of weeks.

The Hong Kong-headquartered firm is targeting $300 million for TR Capital IV, according to a filing with the Securities and Exchange Commission. The firm has employed Sixpoint Partners as a placement agent in the US, the filing shows.

TR Capital focuses on direct secondaries, LP interests and complex secondaries deals in Asia. Its 2016-vintage fund TR Capital III closed on $200 million, according to Secondaries Investor data. Fund III had a $250 million target.

In June the firm exited its secondary investment in Bangalore-based e-commerce company Flipkart via a share buyback which valued the company at $20 billion. It was also a co-investor on the Loyal Valley yuan-to-dollar restructuring, led by NewQuest Capital Partners, Secondaries Investor understands.

In June Secondaries Investor reported that TR Capital had hired Norbert Fernandes, a former senior associate at Singapore state investor Temasek, to lead its Mumbai office.

In mid-April, Secondaries Investor reported that fellow Asia specialists NewQuest was in market seeking $850 million for its fourth fund, a 60 percent increase on the amount raised for its predecessor.

Asia accounted for 10 percent of the funds that changed hands on the secondaries market last year by number, according to data from advisor Greenhill.

TR Capital did not respond to a request for comment.