TR Capital seeks to generate returns via 2 types of investments:
  • Secondary Directs: direct investments in companies acquired from PE or other sponsor owners
  • Fund Restructurings: acquisition of remaining assets of funds which wish to restructure
Asia-Pacific region scope of investment: China, India and South East Asia.
Focus on innovative and established leaders within 3 sectors: Technology, Consumer and Healthcare.
Active investor: TR Capital is an active secondary investor. TR Capital's team invests a significant amount of time, along with its capital, to provide portfolio companies with leadership and guidance to build better business models and capital structures. The team serves as a hands-on resource to optimize opportunities, set goals and establish metrics that result in transparent and measurable progress. 
DPI-focused: returning cash to investors is a priority and forms the core of TR Capital's investment philosophy.

10,000 mid-market companies received funding from PE and VC funds in China and India between 2000 and 2018. Over 3,000 Asian-focused funds were raised during the same period. Private equity has delivered attractive but largely unrealised returns in Asia. New regulations and restructurings will continue to force institutional investors to rebalance their portfolios. There are only a handful of dedicated players that focus on secondaries in the Asia-Pacific region.

Criteria for Secondary Direct investments in companies:
  • Owners/managers who are driven and have aligned interests
  • Attractive growth prospects, deep competitive advantage and sustainable profit margins
  • Strategy based on business performance, not only on financial engineering
  • Board representation and clear understanding/acceptance of TR Capital's involvement
  • Companies that have been under private equity or other sponsor ownership for more than 3 years
  • Holding period of up to 4 years, with defined exit routes
  • Downside protection schemes
Criteria for Fund Restructuring investments:
  • At least two-thirds of the NAV comprised of attractive companies
  • Funds >5 years old, with underlying companies that have transitioned from early stage to growth
  • Strong visibility of viable exit routes for underlying companies within a timeframe of 3 years