The world’s top two PE firms are scouting for secondary portfolio deals in India
Global Private Capital (PE) Giants Blackstone Inc. and KKR & CO. Inch. Mint.
If such an agreement occurs, it will be the first example of the world’s two largest investment companies in India’s secondary portfolio transactions market. Blackstone had more than $ 1.17 trillion in the management, the KKR had $ 664 billion as of March 2025.
“Although Blackstone has not yet a team dedicated to her in India, the company began to evaluate such agreements, especially in India, very wealthy secondary,” he said.
“As Indian markets mature, there are new products to try. Apart from infrastructure and credit, there will be new ways to use capital in the country.”
A second person added that KKR has evaluated strategies to erect such opportunities in India.
It is understood that both companies have explored opportunities in companies that there is visibility in the public -open listing timeline.
He didn’t answer Blackstone Mint’s queries. Kkr refrained from commenting.
Investor-Corruption Agreements
The movement comes as the activity increases in the secondary market of India, where investors trade shares among themselves. The first investors usually come out of the first public offers (public offering) during larger late stage financing or when PE companies are more inclined to invest. These tours typically include the sale of new stocks and existing shares.
However, this funding continues to be limited, as investors and founders often do not participate in values in the private market. The outlets through public offering remain uncertain in the midst of global volatility.
“The most active players in the seconds are global funds such as TPG Newquest and TR Capital. Given the size of the secondary opportunity in India, domestic funds enter the segment and other foreign investors who see significant growth potential in the asset class in India,” he said.
Parikh added that India’s venture capital and private capital and private capital investments have been approximately $ 150 billion for the last 10 years. “The last decade or 15 years of early stages are maturing for investment outputs. Investors also stems from the pushing of the fund life cycle.”
Last year, Chiratae Ventures sold shares to Madison India Capital in a $ 70 million transaction in companies such as Lenskart, Bizongo and Rentomojo. At the beginning of this month, TR Capital purchased eight roads Ventures’ Holdings in Moengage, Whatfix and Shadowx for $ 50 million.
Mint On July 7, several global and domestic funds benefiting from early investors, especially those who collect capital in 2013-14, reported that they were looking for exit when they approached the end of the fund life cycles.
And this opens the market for expert investors such as Blackstone and KKR.
Various pools
Blackstone has various capital pools around the world, including special cases and secondary funds. PE Giant placed $ 67 billion from the Strategic Partners Fund in the field of secondary, joint investments and primary consultancy.
However, KKR continues to be one of the biggest funds of PE without a special secondary unit.
Since January 2024, Accel-KKR, a technology-oriented PE company, which initially started as a partnership between the two companies but now operates independently, is going to the portfolio secondary market. Secondary transactions in India, such as the investment of KKR in 2021 to Lenskart in Lenskart and the purchasing of 50-75 million dollars of rebel food shares from existing investors, are unlike the secondary portfolio transactions, including purchasing package interests between multiple companies or funds.
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