India’s secondaries investment market is entering a period of significant growth after years of being considered an immature asset class. Several established Asian mid-market investment firms, including TR Capital, Neo Asset Management, and Kenro Capital, have recently expanded their secondaries operations into India or launched dedicated secondary investment vehicles focused on the country.
Multiple factors are supporting this expansion. The Indian IPO market has strengthened considerably, providing secondaries investors with clearer pathways to exit their positions. Regulatory changes have tightened rules governing primary funds, creating demand for alternative solutions that secondaries investors can provide. Additionally, many investment funds established in India over the past two decades are now aging, prompting general partners to seek liquidity solutions for their limited partners.
The Indian IPO market showed robust activity, with listings jumping by over one-third to 108 in FY2026, generating proceeds of 1,761 billion INR ($18.3 billion). Approximately 35% of these IPOs involved private equity-backed companies. However, the primary private markets fundraising environment has weakened, declining for four consecutive years following a 2021 peak, though Blackstone Asia’s $13.1 billion fund provided some support during the year.
Secondaries players are capitalizing on market conditions, particularly as some companies delay IPO plans to await improved market sentiment. The market is demonstrating increasing sophistication beyond traditional direct deals and pre-IPO cap table reorganizations, with the emergence of GP-led secondaries and continuation vehicles, typically managed by larger firms such as HarbourVest Partners and TPG NewQuest. Regulatory frameworks governing alternative investment funds are also spurring demand for customized secondaries solutions that provide liquidity while maintaining investor compliance.
Industry observers note that secondaries currently represent less than 20% of exits in India, compared to roughly one-third globally among recent fund vintages. As the pool of aging funds grows larger and limited partners increasingly prioritize cash distributions, demand for secondaries strategies is expected to expand substantially over time.
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