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TR Capital closes in on Fund IV target

The Asian secondaries specialist is targeting $300m to invest out of offices in Hong Kong, Shanghai and Mumbai.

Asian secondaries specialist TR Capital is approaching the target on its latest fundraise.

The Hong Kong-headquartered firm has raised at least $250 million for TR Capital IV out of a target of $300 million, according to a source with knowledge of the situation. The fund’s hard-cap and projected final close are not clear.

Investors include The Utah School and Institutional Trust Fund Office, which committed $20 million, according to Secondaries Investor data.

A filing with the US Securities and Exchange Commission, dated 24 April, noted that TR Capital IV had raised $227.56 million since making its first sale in May last year. Sixpoint Partners is listed as a placement agent on the fundraise.

TR Capital declined to comment on the latest fundraise.

Secondaries Investor reported in May that TR Capital was returning to market around two years after closing its previous fund. The 2016-vintage TR Capital III raised $200 million, against a target of $250 million, according to Secondaries Investor data.

The firm focuses on direct secondaries, fund restructurings and LP portfolio deals out of offices in Hong Kong, Shanghai and Mumbai. It has around $600 million in assets under management, according to Secondaries Investor data.

The firm’s recent deals include a yuan-to-US dollar restructuring that allowed general partner Kinzon Capital to open itself to foreign investors. The transaction, advised by Lazard, involved seven assets and was worth around $100 million including follow-on capital.

Partner Frédéric Azemard told Secondaries Investor about the deal in February that yuan-to-dollar restructurings should represent around half of the China-focused deals carried out by Fund IV. Fundraising for renminbi vehicles was slowing, creating an opportunity for Chinese companies to diversify towards US dollar capital, Azemard said.