TR Capital is delighted to announce that it has won the "Secondaries Firm of the Year in Asia" award in Private Equity International’s 2022 Awards. Please refer to the official announcement on Private Equity International's website.
The annual PEI Awards recognize the private equity industry's standout firms. TR Capital is honoured to have been consistently recognized by investors and peers for its leadership in Asian Secondaries, and we are proud to have won this award for the fifth time over the past seven years – 2016, 2017, 2019, 2021 and 2022.
Please see below an excerpt from Private Equity International which details the award.
TR Capital is pleased to announce that it has completed an investment in a multi-asset continuation fund to acquire a portfolio of three Indian companies from Samara Capital Fund II.
The transaction raised $150 million to acquire interests in SMT (Sahajanand Medical Technologies), India’s largest manufacturer of minimally invasive cardiovascular devices and supplier of stents; FirstMeridian Business Services, India’s third largest staffing company with a headcount of more than 118,000 associates; and Paradise Food Court, a biryani restaurant chain with 80 outlets across 10 cities.
TR Capital has been named one of the “Top 10 China Active Investment Firms in Secondaries” in Zero2IPO’s 2022 China Venture Capital & Private Equity Annual Ranking. Zero2IPO Rankings are highly competitive and recognize the most active and influential investors in the private equity market in China. TR Capital is honored to be recognized by investors and peers as a leader in the secondary investments space in China.
TR Capital, the leading Asian secondary private equity firm, today announced that it has divested 50% of its investment in Supermarket Grocery Supplies Pvt. Ltd. (“BigBasket”) to the Tata Group.
Founded in 2011, BigBasket is the largest online food and grocery store in India. With a footprint across 25+ Indian cities, BigBasket carries over 18,000 products and over 1,000 brands in its catalogue. Since inception, In addition to its core online grocery delivery business, BigBasket also operates through BBDaily, which offers subscription to daily milk and fresh products, and BBInstant, which offers fast moving products through vending machines.
TR Capital is delighted to announce that it was named "Secondaries Firm of the Year in Asia" in Private Equity International’s 2021 Awards.
The annual PEI Awards recognize the private equity industry's standout firms. Having also won the Firm of the Year Award in 2019, 2017 and 2016, TR Capital is honored to have been consistently recognized by investors and peers for its leadership in Asian Secondaries.
With the ever-increasing demand for liquidity in Asia private equity, TR Capital continues to see compelling opportunities to invest in leading innovative companies by offering tailored liquidity solutions to existing shareholders.
"PEI Awards 2021: Secondaries winners" (16 March 2022) (subscription required)
TR Capital is delighted to announce that it has won the "Secondaries Deal of the Year in Asia" in Private Equity International’s 2020 Awards.
The annual PEI Awards are awarded to the best-in-class institutions operating in the Private Equity industry. TR Capital is honored to have been recognized by investors and peers for its innovative RMB-to-USD Fund Restructuring of Kinzon Capital’s RMB fund.
"PEI Awards 2020: Secondaries winners" (5 March 2021) (subscription required)
TR Capital has been named one of the "Top 10 China Investment Firms in Secondaries" by Zero2IPO in its 2021 China VC/PE Fund Limited Partners Ranking 2021. The annual Zero2IPO Rankings recognize the most active and influential investors in the private equity market in China. TR Capital is honored to have been recognized by investors and peers as a leader in secondary investments in China.
TR Capital, the leading Asian secondary private equity firm, is pleased to announce today that it has co-led a transaction which saw Huagai Capital restructure its high-quality healthcare investments into a RMB800 million continuation fund.
The transaction, which TR Capital co-led with Shenzhen Capital Group, saw Huagai Capital, a China-focused private equity firm, restructure six high quality investments in the Healthcare sector from three of its existing funds into a new RMB-denominated continuation fund.
“TR Capital’s role as co-lead in this restructuring transaction is an exciting milestone for our firm. We forecast strong demand for this new innovative structure in China, and see this as a better way to invest in fast-growing and innovative companies in the Digital Consumer, Technology and Healthcare sectors”, commented Frederic Azemard, Managing Partner of TR Capital.
“The Healthcare sector is a key focus area for TR Capital in China given its growth and innovation. We see an increasing number of leaders emerging amongst biopharmaceutical, medical devices and in particular oncology companies. We use an active secondary approach to invest in these companies,” continued Mr. Azemard.
TR Capital, the leading Asian secondary private equity firm, is pleased to announce that it has led a consortium of investors which has made a US$95.7m secondary direct investment in Bochewang as part of the company’s VIE restructuring process.
Established in 2014, Bochewang is today the largest online auction platform for salvage cars in China, on which over 75,000 transactions are completed annually. The company provides a venue for sellers (primarily insurance companies) to efficiently dispose of vehicles to a nationwide buyer pool which includes repair shops, vehicle dismantlers and auto parts dealers.
As the lead investor, TR Capital invested over US$45m in the transaction. Upon completion of the transaction, TR Capital will look to support Bochewang in continuing to scale its operations and enhancing the range of services offered to its customers as an active investor and member of the board of directors.
Frederic Azemard, Managing Partner of TR Capital, commented on the transaction, “We are pleased to have led this consortium to invest in Bochewang. At TR Capital we invest in strong management teams, leading new economy companies, and Bochewang is an excellent example of this. We are looking forward to working with Jianpeng Chen and his team to together maximise the company’s potential.”
TR Capital, the leading Asian secondary private equity firm, today announced the opening of its fourth office in Shenzhen. The firm, headquartered in Hong Kong, is also present in Shanghai and Mumbai.
Paul Robine, Founder and CEO of TR Capital, commented on the opening, “We are thrilled to be the first secondary private equity firm to open an office in Shenzhen. This is one of the most innovative cities in the world and it is home to a large and increasing number of high calibre companies. Shenzhen’s rapid growth, dynamic population, and maturing private equity ecosystem, make this an area of immense interest and one which matches well with TR Capital’s investing expertise. We believe the combination of Hong Kong, as an international financial center, and Shenzhen, as an innovation hub, will create great value for the firm and its investors.
”Shenzhen is the third largest PE market in China with AUM of RMB2,072 billion (US$319 billion) as of February 2021 according to the Asset Management Association of China. The PRC government is implementing measures to encourage further venture capital and PE investment in the Greater Bay Area, which will continue to propel the demand for liquidity solutions in the space.
“With the launch of our new office in Shenzhen, TR Capital is sending a clear message to investors - we will continue to be at the forefront of investing in China and in the technology and innovation space,” continued Paul Robine. “To date we have made eight investments in Shenzhen and the Greater Bay Area including the leading LiDAR systems provider RoboSense, smart mobility company WeRide, and 3D sensing chips developer and manufacturer Adaps Photonics,” Mr. Robine added.
TR Capital, the leading Asian secondary private equity firm, today announced that it has completed a secondary direct investment in Sapphire Foods India Limited (“Sapphire Foods”).
Sapphire Foods is an omnichannel restaurant operator and the largest franchisee of YUM! Brands in the Indian sub-continent by revenue in the financial year 2020. It currently operates over 430 KFC, Pizza Hut and Taco Bell restaurants, mainly in India.
Founded in 2012, Pharmacity is Vietnam’s largest organized retail pharmacy chain, with more than 300 stores across Vietnam. Benefiting from the consumption upgrade trend in Vietnam, Pharmacity is in a leading position to consolidate the retail pharmacy sector and it has been ramping up its operations rapidly, with a revenue CAGR of 140% over the past two years. Pharmacity offers retail consumers prescription & OTC medicines, FMCG products and vitamins & supplements.
TR Capital’s recently completed RMB-to-USD Fund Restructuring was the subject of articles from Secondaries Investor and FoF Weekly (母基金周刊).
“TR Capital backs yuan restructuring on China’s Kinzon – exclusive” (13 February 2020) (subscription required)
“疫情期间出现约一亿美元的S基金交易” (17 February 2020)
TR Capital has been named the "Secondaries Firm of the Year in Asia" in the Private Equity International 2019 Awards.
The annual PEI Awards recognize the best-in-class institutions operating in the Private Equity industry. Having received this award in 3 of the past 4 years, TR Capital is honored to have once again been recognized by investors and peers as the leader in secondary investments in the Asia-Pacific region.
"PEI Awards 2019: Secondaries winners" (2 March 2020) (subscription required)
TR Capital partner Colin Sau discussed the firm’s recently completed Kinzon Capital RMB-to-USD Fund Restructuring in a webinar sponsored by ChineseVenture (融资中国) magazine on 12/3/2020, which was attended by over 100 Chinese PE/VC industry professionals. Mr Sau shared TR Capital’s insights on RMB-to-USD Fund Restructurings as a pioneer of such transactions.
“重磅！中国首单！TR Capital人民币转美元基金交易经验分享” (7 March 2020)
TR Capital is pleased to announce that it has fully exited its direct investment in Shanghai Junshi Biosciences Co., Ltd. through on-market transactions on the Hong Kong Stock Exchange.
Established in 2012, Junshi Biosciences (HKEX: 1877) is an innovation-driven biopharmaceutical company that focuses on the discovery and development of innovative drugs and their clinical research and commercialization on a global scale.
TR Capital is pleased to announce that it has completed a secondary investment in Genesis Capital I L.P.
Genesis Capital I L.P. is a 2015 vintage private equity fund focusing on China’s TMT sector. The fund is fully invested in high quality companies with strong growth potential and clear visibility on exits (including MissFresh, Full Truck Alliance, RED and Zhangmen).
Genesis Capital was founded by Richard Peng, who was previously Head of Investment and Corporate Vice President of Tencent.
The transaction marks the third investment made by TR Capital IV, L.P., TR Capital’s fourth flagship fund.
TR Capital is pleased to announce that it has fully exited its investment in Guilin Seamild Foods Co Ltd through on-market transactions on the Shenzhen Stock Exchange.
Guilin Seamild (SZSE: 002956) is a leading Chinese manufacturer and distributor of premium oatmeal products and is the main competitor of Quaker in China. The company prides itself on quality oats that it sources directly from contract farmers in Western Australia. Its product categories include pure oatmeal, compound oatmeal and ready-to-eat (RTE) oatmeal. All of Seamild’s products are marketed under the “Western Oats” (“西麦”) brand.
TR Capital Founder and CEO Paul Robine discussed about the rise and evolution of Asia private equity secondaries over the past decade, and the growing opportunities that have arisen for private equity secondaries specialists such TR Capital in this challenging climate. Mr Robine also shared TR Capital’s insights on how the firm is investing heavily in big data, which will create the memory and institutional knowledge of the firm and source proprietary deals that are more interesting than traditional PE opportunities.
“J.P. Morgan Asia Private Equity Conference 2020” (22 September 2020)
TR Capital is pleased to announce that it has completed secondary direct investments in Full Truck Alliance Co. Ltd. (“FTA”) and Aibee Inc. (“Aibee”). This is part of a broader portfolio of 3 assets purchased from a single seller, that TR Capital started to acquire in September 2020.
Founded in 2009, Beijing Moviebook Technology Co, Ltd ("Moviebook") is a leading visual technology company engaged in the business of native in-video advertising. Moviebook helps advertisers insert virtual branded products or signages into videos on a real-time basis or during the post-filming stage. Such objects are either compatible with the video surroundings so that they will not significantly disrupt viewers, or are relevant to the video scenes so that viewers are more motivated to interact with the advertisements.
Founded in 2013, NetEase Music is an online music platform that targets younger people in middle to upper tier Chinese cities. It has successfully created a community for music lovers and independent musicians who are trend setters of the Chinese music industry. As a result, NetEase Music now has one of China’s most active music platforms, with a market-leading user retention rate as well as one of the largest catalogues of user-generated content. NetEase Music’s revenues are generated mainly from paying users, advertisements and merchandising.
Founded in 2011, BigBasket is now India’s largest online food and grocery retailer with a presence in 25 Indian cities and a 40% share of the Indian online grocery retail market. Since inception, BigBasket has scaled its business model and surpassed its competitors on scale through three key pillars: a fully integrated and end-to-end controlled supply chain, a superior customer experience and a robust technology backbone.
TR Capital acquired its stake in BigBasket from Zodius Capital.
EVISU is a denim brand with 168 stores in China. TR entered the company in 2018 by providing liquidity to existing shareholders. Given the fast growth of the company, TR Capital recently increased its share in the company by acquiring the stakes of certain existing shareholders.
TR Capital is pleased to announce that it has completed a RMB to USD fund restructuring of Kinzon Capital’s RMB Fund. The transaction involves the acquisition of a portfolio of nine Chinese companies held by Kinzon Capital’s RMB Fund by a newly formed USD-denominated vehicle.
The transaction size is USD 75 million and TR Capital is the lead investor. The portfolio of nine fast growing new economy and technology Chinese companies was acquired at a substantial discount to NAV. Given the strong exit visibility, TR Capital expects to recover its investment cost within 3 years and fully exit the investment within 5 years.
The Transaction marks the first investment made by TR Capital IV, L.P., TR Capital’s fourth flagship fund.
TR Capital is pleased to announce the eighth investment of TR Capital III, L.P. with the secondary investment in Loyal Valley Capital Advantage Fund LP (“LVC”).
LVC is a private equity vehicle created in November 2017 to restructure RMB investments into a USD vehicle.
TR Capital is entering at an attractive discount to the Portfolio Companies’ Net Asset Value. In addition, TR Capital will hold one out of five Advisory Board seats in LVC Fund.
TR Capital is pleased to announce a new fund restructuring via a secondary investment into Asia Consumer Holdings LP (“ACH”). This represents the ninth investment of TR Capital III. In the context of a fund restructuring of Cassia Investments Limited Partnership II (“Cassia Fund II”), TR Capital has incorporated ACH to acquire stakes into 2 companies owned by Cassia Fund II: EVISU and Guilin Seamild.
EVISU is a retail brand specializing in premium jeans and denim-related products. The brand is inspired by vintage American denim and is widely recognized by its iconic branding, unique designs and premium quality. With an average retail price of USD 250, EVISU is predominantly focused on its designer denim products but has also expanded its product line to include leisure/sportswear products, with a strong focus towards its male customer base.
Guilin Seamild is a leading manufacturer and distributor of premium oatmeal products in China. Seen as a healthy food, the main target audience for Seamild is the middle-aged population (40+ years old) with strong health consciousness. Seamild prides itself on quality oats that it sources directly from contract farmers in Western Australia. Current product categories include pure oatmeal, compound oatmeal and ready-to-eat (RTE) oatmeal. All its products are marketed under the “Western Oats” (“西麦”) brand.
TR Capital is pleased to announce the successful exit of its stakes into Vivimed Labs (UQUIFA).
TR Capital has completed a new secondary fund investment to acquire an interest in Milestone China Opportunities Fund II, L.P. from an American hedge fund. The portfolio is composed of 5 companies in China which were invested between 2007 and 2011.
TR Capital II has completed a new secondary investment in Innovation Works Development Fund, L.P. (“IW I” or the “Fund”) from 2 American corporations.
IW I is led by Dr. Kaifu Lee, the former Greater China President of Google and founder of Microsoft Research Asia. IW I is a leading TMT venture capital fund in China. The portfolio comprises 28 TMT companies in China with cost-weighted-age of 2.0 years.
TR Capital II has completed a secondary investment to acquire a Secondary LP interest in IDG Ventures India LLC.
TR Capital is pleased to announce that it has closed a new secondary direct investment in Valyoo Technologies Private Limited (“Lenskart” or the “Company”) through TR Capital II (“Fund II”).
Lenskart is the leading B2C eye-wears e-Commerce portal in India, selling prescription eyeglasses, sunglasses and contact lenses to consumers in India. Created in 2010, the company has been growing at a rapid pace since then.
TR Capital II has completed a secondary investment to acquire a Secondary LP interest in IDG Ventures India LLC.
TR Capital II L.P. has completed a secondary investment to acquire an interest in New Horizon Capital, L.P. (“New Horizon II” or “NH2”). NH2 is a well-known fund for TR Capital Group, as TR Capital I already made a successful secondary acquisition in NH2 in July 2010. This fund is a USD 506 million growth capital private equity fund focusing on China.
TR Capital II L.P. has completed an early secondary investment in Ventech China II SICAR (“Ventech II”). Ventech II is a private equity fund focusing on Technology, Media and Telecommunication (TMT) investments in China. Ventech China is a fund manager based in Beijing, they are a spin-off of the Private Equity arm of a well-known European bank.