Kenro Capital is raising a $120-150 million fund to invest in late-stage secondary transactions across India and Southeast Asia. The firm aims to provide liquidity to early-stage investors as startups stay private longer. It has already secured a first closing from global investors and is now targeting domestic capital to finalize the fund in the coming months.
Kenro Capital, a secondary market investment firm founded in late 2024, is moving to close its latest fund with a target corpus of $120 million to $150 million. The firm, established by former executives from TR Capital and Peak XV, Piyush Gupta and Norbert Fernandes, specializes in acquiring stakes in late-stage companies from existing investors. This model provides an exit route for early backers of private firms who may not want to wait until a company goes public to realize their returns.
Building Liquidity in Private Markets
The fund successfully completed its first closing in October 2025, attracting interest from global institutional investors. According to the firm, it is currently in discussions with domestic family offices and institutions to raise the remaining capital, with a final closing expected in the next four to six months. As companies choose to remain private for longer durations, the demand for secondary transactions—where investors buy shares from other investors rather than directly from the company—has grown significantly. This shift allows new investors to enter established, often profitable businesses at what the firm views as more accessible valuations compared to primary funding rounds.
Growing Competition in the Secondary Market
Kenro Capital is entering an increasingly crowded space in India. Major global players like HarbourVest, Pantheon Ventures, and Schroders Capital are actively increasing their exposure to the Indian secondary market. Domestically, competition is also rising. 360 One Asset Management has announced a ₹5,000 crore secondary fund, while Neo Asset Management is planning a ₹2,000 crore vehicle. Other players such as the Oister Group, Tribe Capital Management, and PixelSky are also active, reflecting a broader trend where funds are competing to offer liquidity to venture capital and private equity firms that are nearing the end of their investment cycles.
Investment Strategy and Portfolio
Kenro Capital has already facilitated over $115 million in secondary transactions, with a portfolio that includes companies like K12 Techno Services, Giva, and Pine Labs. Its investment strategy focuses on businesses in financial services, consumer goods, healthcare, and enterprise technology. The firm typically targets minority stakes in market-leading companies that are either already profitable or close to reaching that milestone. While the typical ticket size for its direct deals ranges from $10 million to $20 million, the firm uses co-investment structures with its limited partners to participate in larger opportunities. Investors looking at this space may track the firm's progress on its final fundraising goal, as the success of these funds often depends on the ability to source high-quality assets and eventually find exit opportunities, such as public listings, within the target two-to-three-year timeline.