Asian secondary specialist TR Capital on Thursday announced the appointment of Umang Agarwal, a former principal at Eight Roads, as its Managing Director and Co-Head of India, marking its deepened commitment to the country.
The firm also announced other senior hires, including Kushal Agarwal and Sagar Sheth, alongside the opening of a new office in Bengaluru, strengthening its presence in India’s startup and technology hub.
Previously, TR Capital operated solely from its Mumbai office.
Since its inception in 2007, TR Capital has focused on secondary private equity investments across the Asia-Pacific region.
The firm provides alternative liquidity solutions to private equity investors and invests in sectors including technology, next-generation consumer, and healthcare.
India has been a key market for TR Capital since 2008, with investments in companies such as Flipkart, Lenskart, Fibe, Moengage, Shadowfax, and Whatfix.
Looking ahead, TR Capital plans to deploy $1 billion in India over the next five years.
“India has been a core market for us over the last 17 years. We are pleased that we have built a strong presence in the secondary PE space, and are excited to see the opportunity to invest $1 billion in secondaries over the next five years in India,” said Frederic Azemard, Managing Partner at TR Capital.
TR Capital has closed five flagship funds, managed total capital commitments of close to $1.5 billion, and completed over 50 secondary investments.
India’s venture capital and growth equity market reached approximately $16 billion in 2025, marking its second consecutive year of growth, according to a report by Bain & Company.
