TR Capital passes halfway mark towards $600m Fund V target

Nine out of 10 of the firm’s existing investors had re-upped in the fund’s $350m first close.

TR Capital has held a first close on its fifth secondaries vehicle, raising more than two-thirds of its $600 million target.

The Hong Kong-headquartered secondaries firm has gathered $350 million so far for TR Capital V from global financial institutions, according to a statement. Fully 90 percent of the firm’s existing investors re-upped in the vehicle, the firm said.

Capital raised thus far for TR Capital V is already the same amount that it gathered for its 2019-vintage, $350 million predecessor.

Fund V will be deployed across tech, healthcare and consumer deals in Asia, according to the statement. The firm has already secured its first deal from the fund, a $150 million multi-asset continuation fund for three India-headquartered business. The companies – Sahajanand Medical Technologies, FirstMeridian Business Services and Paradise Food Court – are from Samara Capital’s $300 million Fund II.

China’s re-opening will present secondaries opportunities for firm, Colin Sau, managing partner of direct secondaries firm at TR, said at the Hong Kong Venture Capital and Private Equity Association’s annual forum last week. “This year, we have seen quite a lot of signs that everything is recovering and everything is moving in the right direction, so probably this year we will do more in China.”

India and Southeast Asia are also hot markets for secondaries investing, the firm noted in a statement. “We see secondaries as a better way to invest in Asia, as this strategy addresses the DPI issue, which is a common challenge in the region,” said founder and chief executive Paul Robine.