Bengaluru, April 9: TR Capital, Asia’s leading secondary private equity (PE) firm, today announced the appointment of Umang Agarwal as Managing Director and Co-Head of India, alongside key senior hires including Kushal Agarwal and Sagar Sheth. The firm also unveiled its new office in Bengaluru, marking a significant expansion of its presence in India’s thriving startup and technology ecosystem.
The new Bengaluru office complements TR Capital’s existing base in Mumbai, reinforcing its commitment to deepening engagement in one of Asia’s fastest-growing private equity markets.
Expanding India Footprint
Founded in 2007, TR Capital has established itself as a pioneer in secondary private equity investments across the Asia Pacific region. The firm specializes in providing liquidity solutions to PE investors and supports high-growth sectors such as technology, next-generation consumer, and healthcare.
India has remained a core market for TR Capital since 2008, with investments in leading companies including Flipkart, Lenskart, Fibe, MoEngage, Shadowfax, and Whatfix.
Leadership Perspective
Commenting on the expansion, Frederic Azemard, Managing Partner at TR Capital, said,
“India has been a core market for us over the last 17 years. We see a strong opportunity to invest $1 billion in secondaries over the next five years. With Umang leading our India efforts and the launch of our Bengaluru office, we are well-positioned to capitalize on the growing maturity of the Indian PE ecosystem.”
Strengthening Investment Strategy
The firm’s expansion comes at a time when venture capital and private equity funds are increasingly seeking structured exit options. TR Capital continues to play a pivotal role by offering liquidity solutions tailored to complex investor needs.
Umang Agarwal, Managing Director and Co-Head of India, added,
“TR Capital has built a strong reputation in secondary markets across Asia. I look forward to driving our India strategy, working closely with founders, venture capitalists, and institutional investors to address evolving liquidity requirements through a solutions-oriented approach.”
Prior to joining TR Capital, Agarwal was a Principal at Eight Roads India and has also worked with BCG India. He holds a management degree from Indian Institute of Management Bangalore and an engineering degree from Indian Institute of Technology Roorkee.
Growth and Track Record
Since inception, TR Capital has:
- Closed five flagship funds
- Managed capital commitments of approximately $1.5 billion
- Completed over 50 secondary investments across Asia
Its investor base includes sovereign wealth funds, pension funds, asset managers, entrepreneurs, and family offices.
With its expanded leadership team and new Bengaluru office, TR Capital is set to further strengthen its position in India’s secondary private equity landscape while supporting the next phase of growth in the country’s startup and investment ecosystem.
