Former Peak XV MD Piyush Gupta launches secondary-focused fund

Piyush Gupta, former Peak XV Partners Managing Director, has launched an investment firm, Kenro Capital, which will focus on secondary transactions.

In secondary transactions, shares are exchanged between investors at a mutually agreed price, without involving the infusion of new capital into the company or the issuance of additional shares.

The development comes seven months after Piyush Gupta left Peak XV. He joined the venture capital firm (formerly known as Sequoia Capital) in 2017 as managing director at Strategic Development. Before that, he was at Morgan Stanley and Deutsche Bank for more than a decade.

Gupta launched the new fund with Norbert Fernandes, a seasoned India-focused private equity professional with over 17 years of investing experience across Temasek, IvyCap Ventures, and TR Capital.

Kenro Capital will invest in companies in India and Southeast Asia. As per media reports, Kenro has raised an undisclosed amount, is domiciled in Singapore, and will be investing around $20-30 million in growth secondary transactions.

The fund aims to acquire minority stakes in growth companies with scaled revenues, profitability or near-profitability, and strong potential for public listing within 2-3 years.

Recently, domestic financial investors Oister Global and Tribe Capital India partnered to launch their secondary franchise in India, with plans to invest $500 million over the next two years. In May, 360 ONE Asset Management, formerly known as IIFL Asset Management Ltd, also launched a $480 million worth secondary fund.