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TR Capital, an Asia-focused secondary investments firm, announced the completion of two secondary direct investments in India.
As a part of its third fund (TR Capital III) the company has acquired a 10.5 per cent stake in Arohan Financial Services Private Ltd, an NBFC Micro Finance Institution , that provides micro-financing solutions and insurance to low-income states. The stake was acquired from Aavishkaar Group mainly and from Tano India Fund II. Headquartered in Kolkata, Arohan operates in nine low-income states, with plans for further expansion in 2018. It manages 435 branches with over 3,000 employees and has one million active customers.
TR Capital III has also increased its stake into eyewear manufacturer and retailer, Lenskart Solutions. It acquired shares from TPG Growth and Unilazer Alternative Ventures LLP. After the completion of the deal, TR Capital holds a stake of over 10 per cent in Lenskart. Established in 2010, Lenskart is one of the fastest growing optical retailers in India with online and offline sales portal network. It has 378 stores across India, through a mix of company-owned and franchise branches. TR Capital has been an active shareholder of Lenskart since 2013.
“We are delighted to have successfully completed two more secondary deals in India. Private equity in India is maturing and the development of the secondary market is a natural consequence of the large volume of private equity investments during the past fifteen years. TR Capital is well positioned to provide liquidity solutions in these high quality companies and we look forward to further enhancing our investment portfolio” Paul Robine, founding partner and CEO of TR Capital, said in a statement.
TR Capital was formed in 2007 to invest in Asia-focused private equity secondary transactions and has executed 32 transactions via three funds: TR Capital I (2008), TR Capital II (2012) and TR Capital III (2016). It currently manages capital commitments of USD 400 million.
TR Capital purchases Asian direct assets and private equity fund interests on a secondary basis, providing liquidity to investors in an environment where traditional exit avenues are more limited, macroeconomic conditions more challenging, and regulatory guidelines on illiquid investment holdings of banks and financial institutions more restrictive. Its multinational team is currently comprised of 15 professionals with offices in Hong-Kong and Shanghai.
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