Kenro Capital is working on a new fund targeting between $120 million and $150 million. An investment company differentiated by concentrating its investment portfolio on late-stage secondary transactions in the fast-growing markets of India and Southeast Asia. To simply offset this, the fund will provide a means for returning when companies opt to keep their shares private for longer, and means for returning earlier for early-stage investors for whom an eventual public listing never appears.

Evolution of private market liquidity and growth milestones

The increased timelines have dramatically altered the investment lifecycle for mature startups preparing to go public. Early investors needed to endure the initial public offering to realize their gains. Companies have been staying private for significant periods because of the current economic climate, and that is increasing demand for secondary transactions. 

In such transactions, new investors purchase pre-existing stocks from the early investors instead of funding the company itself. Kenro Capital views every such instance as a clear chance to buy shares in established and steady, frequently profitable enterprises. With this strategy, the firm aims to access market-leading industries at what they consider more achievable and attractive entry points compared to more conventional primary funding rounds.

Kenro Capital was founded by two industry veterans, Piyush Gupta and Norbert Fernandes, in late 2024. The duo comes to the private markets with extensive experience, having both served as executives at major investment boutiques such as TR Capital and Peak XV. With their expertise in capital management and a clear understanding of business cyclicality, they turned Kenro Capital into a full-time secondary market investment house focusing on late-stage deals.

The trajectory of this new fund demonstrates strong movement on the institutional side. In October 2025, the company closed its first round, attracting significant interest and investment from international institutional investors. 

After that initial successful phase, Kenro Capital turned to its own capital base. The company is now in advanced talks with domestic family offices and leading institutions in India for the remaining capital component of the target corpus. Management is confident this fund will be closed in the next four to six months, providing a firm foundation for further investments.

Escalating competition and existing portfolio

Kenro Capital’s fundraising efforts continue, and the market is growing increasingly competitive. International and domestic asset managers are showing a strong interest in capital inflows for the secondary market in India. Significant global entities, such as HarbourVest, Pantheon Ventures, Schroders Capital, etc., are making efforts to broaden their presence and general financial involvement in Indian secondaries. This is a significance of the growing maturity and sophistication of the Indian startup ecosystem.

Domestic asset management companies are expanding their capacity to respond to this liquidity need. 360 One Asset Management has announced a large secondary fund called the secondary funds to enter this sphere with a fund size of ₹5000 crore, and Neo Asset Management is said to be planning a vehicle of ₹2000 crore. 

Other active market players, like the Oister Group, Tribe Capital Management, and PixelSky, are also actively chasing secondary buys. When multiple well-capitalized entities storm the scene at once, a highly dynamic environment emerges where VC and private equity firms later in their fund investment cycles seek an exit.

Kenro Capital has already built a strong track record despite the increased market competition with secondary transactions totaling more than $115 million. It holds significant stakes in established growth majors like K12 Techno Services, Giva and Pine Labs. The company has an in-depth investment process that focuses on financial services, consumer, healthcare, and enterprise technology, which are areas where it sees solid demand on the bottom line.

At a micro level, Kenro Capital generally looks for minority stakes in established brands. The company focuses on businesses that are consistently profitable or just on the verge of profitability. About $10 million to $20 million per ticket is the average size of direct transactions utilized by the firm. 

Kenro Capital works through structured co-investment relationships with their limited partners to help finance larger and larger biddings in secondary deals. The commitment level of the team to sourcing high-value assets at fair valuations and slumming them off with an expected holding period of two to three years will be crucial to the success of this fund.

Conclusion

The issuance of the $150 million fund by Kenro Capital puts an emphasis on the maturing nature of the Indian and Southeast Asian startup ecosystem, where secondary liquidity has become much more than a niche offering. The firm aims to generate high-quality growth as it targets market leaders who are near-profitable at a late stage, which reduces the strain on later-stage venture capitals for those early-stage investors.

Major international investors and the growing number of large local firms such as 360 One Asset Management and Neo Asset Management bring competition, but Kenro Capital’s history of $115 million in structured co-investments shows a clear direction.