TR Capital seeks to generate returns via 3 types of investments:
  • Secondary Directs in companies (single company or portfolio) where it can acquire assets at a discount to their intrinsic value and subsequently add value
  • Fund Restructurings (with the full or partial acquisition of a fund)
  • Secondary acquisitions of LP positions at attractive discounts to their intrinsic value
TR Capital has a pan-Asian scope of investment, with a particular focus on China and India.
TR Capital has a strong background and investment experience in 4 sectors: technology, consumer, healthcare and financial services.
TR Capital invests between USD 5 and 100 million per transaction.
TR Capital is an active owner. TR Capital's team invests a significant amount of time, along with its capital, to provide portfolio companies with leadership and guidance to build better business models and capital structures. The team serves as a hands-on resource to optimize opportunities, set goals and establish metrics that result in transparent and measurable progress. 
DPI-focused: returning cash to investors is a priority and forms the core of TR Capital's investment philosophy.

10,000 mid-market companies received funding from PE and VC funds in China and India between 2000 and 2018. Over 3,000 Asian-focused funds were raised during the same period. Private equity has delivered attractive but largely unrealised returns in Asia. New regulations and restructurings will continue to force institutional investors to rebalance their portfolios. There are only a handful of dedicated players that focus on secondaries in the Asia-Pacific region.

Criteria for Secondary Direct investments in companies:
  • Owners/managers who are driven and have aligned interests
  • Attractive growth prospects, deep competitive advantage and sustainable profit margins
  • Strategy based on business performance, not on financial engineering
  • Board representation and clear understanding/acceptance of TR Capital's involvement
  • Companies that have been under private equity or other sponsor ownership for more than 3 years
  • Holding period of up to 4 years, with defined exit routes
  • Downside protection schemes
Criteria for Fund Restructuring and secondary of LP positions investments:
  • At least two-thirds of the NAV comprised of attractive companies
  • Funds >5 years old, with underlying companies that have transitioned from early stage to growth
  • Strong visibility of viable exit routes for underlying companies within a timeframe of 3 years