Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTKristie NeoFri, September 18, 2026 at 11:44 AM GMT+2 4 min readSecondaries investing in India has long been regarded as a young, premature asset class, but not any longer. Over the past year, a growing number of Asian mid-market funds, including TR Capital, Neo Asset Management and Kenro Capital, have expanded their secondaries remit to India or launched new dedicated secondary vehicles.Secondaries investors have sailed into India on several independent tailwinds. First, a healthier IPO market has given secondaries investors a more credible path to an exit. Second, regulators have tightened rules on primary funds and created demand for solutions from secondaries investors. Third, aging funds are putting pressure on GPs to provide liquidity.More Indian companies are raising capital in public markets each year, driving interest among pre-IPO secondaries investors. The number of Indian IPOs jumped by over one-third to 108 listings in FY2026, while proceeds grew 8.4% to 1,761 billion INR ($18.3 billion). Of these, 35% of these were PE-backed firms, according to a KPMG report.Meanwhile, Indian private markets have struggled. While Blackstone Asia's $13.1 billion mega-fund gave the region a boost this year, Indian fundraising has declined for four consecutive years following a 2021 peak, according to PitchBook's 2026 India Private Capital Breakdown.After the US-Iran war erupted in February, IPO hopefuls, including Zepto, Reliance Jio Platforms and PayU, have delayed their listing plans while they wait for the market jitters to shake out. But secondaries players like 360 ONE Asset Management are just getting ready to deploy."We love this market that we're in," said Sameer Nath, chief investment officer of 360 ONE Asset Management, a $74 billion AUM Indian firm covering wealth, asset and alternative management."In just two hours, we will be sitting down on one deal that you could say was a 'broken IPO' ... Can you do a secondary deal at a price and come back to do the IPO next year? Absolutely. We have an excellent hospital asset, and it's going to come back to the IPO market later this year at 3x what we paid for it in 18 months," shared the Mumbai-based investor.For context, Indian secondaries only became common as a strategy in the past four to five years. Even though the bulk of secondaries transacted are still in direct deals and pre-IPO cap table cleanups, the market is showing early signs of sophistication with the rise of GP-led secondaries and continuation vehicles.Given the size and complexity of such deals, these transactions are more often led by bulge-bracket firms such as HarbourVest Partners and TPG NewQuest. While such deals remain few and opportunistic for now, experts highlight that this will only grow over time as the ecosystem matures.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info