TR Capital, a Hong Kong firm specializing in the niche world of Asian secondary private equity, timed the launch of its latest fund well. It closed TR Capital IV at the end of 2020, over-subscribed and with $350 million in commitments from limited partners (LPs), and immediately started to put its money to work.
Its first big transaction, involving the acquisition of $100 million in assets managed by Beijing-based Kinzon Capital, was completed in March 2020, just as Covid was starting to shake the west’s economic foundations.
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