TR Capital, which leads the Asia market as a pioneering secondaries investment firm, has deepened its commitment to India with senior hires and opening new office in Bengaluru
Bengaluru, April 9, 2026: TR Capital, Asia’s foremost secondary private equity (PE) firm, today announced the appointment of Umang Agarwal as its Managing Director and Co-Head of India, along with other senior hires including Kushal Agarwal and Sagar Sheth, marking the company’s deepened commitment to India. The firm also announced the opening of its new office in Bengaluru, in addition to its historical Mumbai office, ramping up presence in India’s start-up and technology hub.
Since its inception in 2007, TR Capital emerged as a pioneer and leader in secondary private equity investments in the Asia Pacific region. The firm provides alternative liquidity solutions to private equity investors and is an active investor backing innovations in Technology, Next-Generation Consumer, Healthcare among other sectors. India is a key market for TR Capital and the firm has been actively investing in India since 2008, backing multiple category leaders like Flipkart, Lenskart, Fibe, Moengage, Shadowfax, Whatfix, among several others.
Managing Partner, TR Capital
Announcing the opening of the new office in Bengaluru, Frederic Azemard, Managing Partner, TR Capital, said, “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 $1B in secondaries over the next 5 years in India. We are happy to have Umang lead our efforts in India, reflecting our strong belief that localized expertise and strong relationships open up the best secondary investment opportunities. With the Indian PE market maturing, we continue to raise our game and the caliber of our investment team. The new office in Bengaluru will enable us to align our presence with growing opportunity and solidify our leadership position in the secondaries market in India.”
With VC and PE funds looking for exit options, TR Capital has been steadily providing liquidity solutions to Indian investors. Bengaluru, which is now home to several late-stage startups and PE-backed businesses, is a strategic fit for TR Capital’s expansion plans.
Umang Agarwal, Managing Director and Co-Head of India, TR Capital, said, “Over the past two decades, TR Capital has built its name for itself as a leader in the secondary markets across Asia. I am glad to have the opportunity to lead the efforts in line with the firm’s focus on India. TR Capital will increase its role in contributing to India’s economy by working closely with founders, venture capitalists, PE funds and other stakeholders who are managing complex liquidity needs, through our solutions-oriented approach.”
Prior to joining TR Capital, Agarwal was a Principal at Eight Roads India where he led investments in Enterprise Software, Fintech and Consumer. He began his career with BCG India and holds a Master’s degree in Business from IIM Bangalore and Bachelor’s degree in Electronics Engineering from IIT Roorkee.
Since 2007, TR Capital has closed five flagship funds, managed total capital commitments of US$1.5 billion and completed over 50 secondary investments across Asia. The firm’s investor base includes sovereign wealth funds, pension funds, asset management firms, entrepreneurs and family offices. About TR Capital
About TR Capital
TR Capital is a leading secondary private equity investor in the Asia Pacific region. TR Capital provides liquidity solutions to owners of private equity assets through single asset and portfolio transactions. The firm makes significant investments in innovative leaders in the Technology, Next-Generation Consumer and Healthcare sectors across Asia. TR Capital is an active investor. Since its inception in 2007, TR Capital has closed five flagship funds, managed total capital commitments of close to US$1.5 billion and completed 50+ secondary investments. TR Capital’s investor base includes sovereign wealth funds, pension funds, asset management firms, entrepreneurs, and family offices.
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