Kenro Capital is close to finalizing a $120-150 million fund dedicated to late-stage secondary transactions in India and Southeast Asia, according to livemint.com. The firm has already completed over $115 million in secondary deals and aims to double this volume within the next six to twelve months.
The fundraise is driven by growing demand for liquidity among investors as startups remain private for longer periods. Kenro Capital is targeting global and regional investors to back this vehicle, which will focus on acquiring stakes from existing shareholders in mature startups. The firm’s strategy reflects a shift in private market dynamics, where secondary transactions are becoming a critical tool for managing portfolio liquidity.
This fundraise underscores the expanding secondary market in India’s startup ecosystem, which has seen increased activity amid prolonged private ownership. Compared to primary funding rounds, secondary deals offer investors an alternative route to realize returns and manage risk. Kenro’s move aligns with broader trends where specialized funds are emerging to capture opportunities in private market secondaries, complementing traditional venture capital flows.
Kenro Capital’s existing portfolio includes more than $115 million in executed secondary transactions, with the new fund expected to significantly increase its capacity. The firm’s final close is anticipated within the next few months, marking a notable milestone in the development of India’s private market infrastructure.