TR Capital Fourth Flagship Fund significantly oversubscribed and closes at its Hard Cap of US$350m
TR Capital, the leading Asian secondary private equity firm, today announced the final close of its fourth flagship fund, TR Capital Fund IV, which was significantly oversubscribed and closed at its hard cap of US$350 million.
“TR Capital Fund IV’s close is an exciting milestone as we see an ever-increasing pipeline of secondary opportunities in Asia, particularly in China. We increased the fund size above the originally planned US$300 million given the outsized demand we received. Through Fund IV and our co-investment program, where our LPs co-invest alongside TR, we expect to invest US$600 million over the next few years,” said Paul Robine, Founder and CEO of TR Capital.
Leveraging the success of prior funds, TR Capital Fund IV’s new and returning investors include sovereign funds, pension funds, asset management firms and family offices across Asia, Europe, and North America. The TR Capital team has also made a significant commitment to the fund.
“The demand for liquidity in the Asian private equity market has never been greater, offering an attractive market dynamic for TR Capital. As the secondaries market continues to grow in size and complexity, LPs are increasingly recognizing that active secondaries are a better and more innovative way to invest in fast-growing Asian companies,” continued Mr. Robine. “We value our partners’ trust and support over the past 14 years and are well-positioned to continue generating attractive returns.”
TR Capital Fund IV has already completed three investments to date: a pioneering RMB to USD fund restructuring of Kinzon Capital’s RMB Fund; a secondary direct in Pharmacity, Vietnam’s largest pharmacy chain; and an acquisition of a portfolio comprised of interests in Genesis Capital I, Full Truck Alliance, and Aibee.