{
  "id": 8433524,
  "title": "Is India’s secondaries market hitting an inflection point?",
  "url": "https://urgent.news/2026/09/18/is-indias-secondaries-market-hitting-an-inflection-point",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T09:44:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/markets/stocks/articles/india-secondaries-market-hitting-inflection-094400255.html"
  },
  "original_language": "en",
  "account": "India's secondary market has transitioned from a young, nascent asset class to a more established and sophisticated one in recent years. A growing number of Asian mid-market funds, such as TR Capital, Neo Asset Management and Kenro Capital, have expanded their focus on India or launched new dedicated secondary vehicles. This expansion is driven by several factors, including a healthier IPO market that provides an exit path for investors, tighter regulations on primary funds that create demand for secondary solutions, and an aging fund landscape that puts pressure on general partners (GPs) to provide liquidity.\n\nThe number of Indian IPOs has increased by over one-third to 108 listings in FY2026, with proceeds growing 8.4% to 1,761 billion INR ($18.3 billion). Around 35% of these were PE-backed firms, according to a KPMG report. However, Indian private markets have struggled, with fundraising declining for four consecutive years after reaching a peak in 2021. Despite this, secondaries players like 360 ONE Asset Management are prepared to deploy strategies in the market.\n\nIndian secondaries have become more sophisticated, with the emergence of GP-led secondaries and continuation vehicles. These transactions are typically led by bulge-bracket firms such as HarbourVest Partners and TPG NewQuest, given the size and complexity involved. Regulation also plays a role in the growth of the secondary market, as newer frameworks like Alternative Investment Funds (AIFs) cater to rupee funds and impose stringent regulatory requirements.\n\nThe aging fund landscape is another key driver of the secondary market's growth. Indian private markets have seen roughly 20 years of primary deployment since the first private equity and venture capital funds started around 2005-2006. As limited partners increasingly prioritize cash distributions, the demand for liquidity solutions will continue to grow. According to Umang Agarwal, managing director and co-head of India at TR Capital, India's IPOs contribute about two-thirds of total exits, while secondaries contribute less than 20%. If the trend persists, the secondary market is expected to gain more prominence in India's capital markets.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}