<article>Hong Kong- based specialty secondary investments fund <a href="http://dealstreetasia.com/tag/tr-capital" target="_blank" rel="noopener">TR Capital </a> on Thursday announced the completion of two secondary direct investments in India.</article>

Hong Kong- based specialty secondary investments fund <a href="http://dealstreetasia.com/tag/tr-capital" target="_blank" rel="noopener">TR Capital </a> on Thursday announced the completion of two secondary direct investments in India.
According to an official statement, TR Capital III has acquired a 10.5 per cent stake in non-banking finance company <a href="http://dealstreetasia.com/tag/arohan" target="_blank" rel="noopener">Arohan Financial Services</a>, as well as picking up additional stake in online eyewear firm<a href="http://dealstreetasia.com/tag/lenskart" target="_blank" rel="noopener"> Lenskart Solutions</a>.
Secondary share sales have become the biggest source of exits for venture capital firms recently, as big ticket stake sale and IPOs are yet not a regular feature in the market.
&#8220;Private equity in India is maturing and the development of the secondary market is a natural consequence of the large volume of private equity investments during the past fifteen years,&#8221; said Paul Robine, Founding Partner and CEO of TR Capital.
&#8220;TR Capital is well positioned to provide liquidity solutions in these high quality companies and we look forward to further enhancing our investment portfolio,&#8221; he added.
Under the recent acquisitions, TR Capital acquired a 10.5 per cent stake in Kolkata-based Arohan Financial Services mainly from Aavishkaar Group and also from Tano India Fund II.
Focussed on providing micro-finance solutions and insurance in low-income states in the eastern, north eastern and central parts of the country, Arohan currently manages 435 branches with over 3,000 employees, and claims to have 1 million active customers.
In May last year, Arohan, a part of Aavishkaar-Intellecap Group, raised Rs 155.5 crores ($24 million) to fund its expansion plans. Danish asset management firm Maj Invest put in $15 million while existing investors, Tano Capital, Swaminathan Anklesaria Aiyar and other individuals, as well as promoter group, Aavishkaar Venture Management Services, contributed a total of $9 million to the round.
The second direct secondary investment made by TR Capital III was to increase its stake in Lenskart Solutions by acquiring shares from private equity firm TPG Growth and Unilazer Alternative Ventures LLP. After deal completion, TR Capital will hold over 10 per cent stake in Lenskart, according to the official release.
TR Capital had first invested in Lenskart in 2013 and, prior to this latest deal, it reportedly held around 1.3 per cent in the omni-channel eye wear firm. Other investors in Lenskart included <a href="http://dealstreetasia.com/tag/idg" target="_blank" rel="noopener">IDG Ventures India</a>, <a href="http://dealstreetasia.com/tag/tpg" target="_blank" rel="noopener">TPG Growth</a>, <a href="http://dealstreetasia.com/tag/premjiinvest" target="_blank" rel="noopener">PremjiInvest</a>, <a href="http://dealstreetasia.com/tag/unilazer" target="_blank" rel="noopener">Unilazer Ventures</a>. Prior to the round, the company had raised around $130 million.
TR Capital has been investing in India since 2008 with its portfolio including firms like Flipkart, Lenskart, Urban Ladder, Sedemac, SSIPL and Vivimed Labs (Uquifa).
It was recently reported that another Hong Kong-based secondaries fund <a href="http://dealstreetasia.com/tag/newquest" target="_blank" rel="noopener">NewQuest Capital Partners</a> was also increasing its pace of investing in startups in India. In June last year, NewQuest had opened its first office in Mumbai, as well as expanded its team in the country.
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/72959-72959/" target="_blank" rel="noopener">India: MFI Arohan raises $24m from Maj Invest, existing backers</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/hk-based-pe-firm-newquest-capital-opens-mumbai-office-epxans-76041/" target="_blank" rel="noopener">HK-based PE firm NewQuest Capital opens Mumbai office, expands India team</a>

Hong Kong- based specialty secondary investments fund TR Capital today announced the completion of two secondary direct investments in India.

HK's TR Capital makes secondary investments in India's Arohan, Lenskart

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HK's TR Capital makes secondary investments in India's Arohan, Lenskart

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