TR Capital’s Rohitt Mutthoo to exit, join Raj Dugar in new secondary fund
The two people cited above said Mutthoo resigned about two months ago and is currently serving his notice period, which is due to expire in the first week of November.
“He is expected to join hands with Raj Dugar in a new firm called Ambit Arcadia Alternatives and lead the firm’s secondary strategy,” said a third person.
A spokesperson for TR Capital confirmed the departure and added that India remains an important focus market for the firm.
“TR Capital will announce a number of senior team developments later in the quarter in line with its expansion plans, starting with the appointment of a new director in November,” the spokesperson said in an emailed response.
The move underscores an ongoing surge among investors focusing on India’s growing secondary market; here, deal-making rates have increased as funds approach the end of their life cycles, seeking liquidity due to delayed initial public offerings (IPOs) and volatile public markets.
The latest development marks the third senior exit from TR Capital’s India team in the past year, following the departure of acting director Norbert Fernandes and deputy chairman Naman Jain in November last year.
Fernandes co-founded Kenro Capital, a secondary-focused fund launched alongside former Peak XV manager Piyush Gupta. According to their LinkedIn profile, Jain currently works at logistics firm Delhivery.
Mutthoo, who joined TR Capital in October 2022, has over a decade of experience in private equity investments, with past roles at Premji Invest, Multiples Private Equity and CX Partners, among others. He has overseen investments in financial services and fintech, consumer, technology, logistics and industrial sectors. According to his LinkedIn profile, his notable deals at TR Capital include Fibe, Sahajanand Medical Technologies (SMT), Sapphire Foods, Paradise Food Court, BigBasket and Surewaves.
TR Capital, an Asia-focused secondary fund, has steadily expanded its presence in India in recent years. He has provided liquidity solutions to many private equity firms through single asset and portfolio transactions. In June, Mint reported that the firm had acquired stakes in MoEngage, Whatfix and Shadowfax from Eight Roads Ventures in a secondary deal worth $50 million.
Meanwhile, according to Moneycontrol’s report last year, Dugar resigned after 17 years at Eight Roads Ventures. He was instrumental in setting up Eight Roads’ India operations before moving to Singapore in 2018 to oversee its expansion in Asia. Dugar was also a co-founder of WestBridge Capital, one of India’s leading investment firms, which he left in 2003.
secondary surge
The formation of Ambit Arcadia Alternatives comes at a time of increased activity in India’s secondary market, where investors trade shares among themselves, often during late-stage financing rounds or ahead of an IPO, allowing early investors to exit.
Recent examples of private secondary-focused funds include Kenro Capital, Oister Global and Tribe Capital’s $500 million India vehicle targeting late-stage companies. IndigoEdge and entrepreneur Hitesh Ahuja’s PixelSky Capital, ₹400 crore secondary corpus in May, while 360 ONE Asset Management closed a $600 million secondary fund earlier this year. NeoWealth Management is also in the process of creating one under its private equity arm.
Global players such as TPG NewQuest, LGT Capital, HarbourVest, Blackstone and KKR are also exploring secondary transactions in India.
According to the EY report, the value of strategic and secondary exits rose 5% to $3.7 billion in 2024 from $3.5 billion in 2023 and is expected to rise further as Indian companies mature and investors look for alternative liquidity routes.
