Piyush Gupta, the former Managing Director of Peak XV Partners (formerly Sequoia Capital), has launched a new investment firm, Kenro Capital. The firm will specialize in secondary transactions—an area of investment where shares are exchanged between investors at a mutually agreed price, without the infusion of new capital or the issuance of additional shares.
The formation of Kenro Capital marks a significant milestone for Gupta, who left Peak XV seven months ago. Before his tenure at Peak XV, Gupta had a long career at Morgan Stanley and Deutsche Bank, accumulating over a decade of experience in the financial industry. He joined Peak XV in 2017 as Managing Director at Strategic Development, where he helped shape the firm’s investment strategy.
Gupta has partnered with Norbert Fernandes to launch Kenro Capital. Fernandes is a seasoned private equity professional with over 17 years of experience, having worked with Temasek, IvyCap Ventures, and TR Capital. Together, they plan to focus on investing in companies across India and Southeast Asia.
Kenro Capital has already raised an undisclosed amount of capital and is domiciled in Singapore. The fund plans to invest between $20 to $30 million in growth secondary transactions. The fund will target minority stakes in growth-stage companies that are either already profitable or have the potential to become so. These companies should also show strong potential for public listing within the next 2-3 years.
Kenro Capital’s entry into the market follows a growing interest in secondary transactions. Recently, financial investors such as Oister Global and Tribe Capital India announced a secondary franchise in India, with plans to invest $500 million in the next two years. Similarly, 360 ONE Asset Management launched a $480 million secondary fund in May.
With its focus on growth-stage companies in India and Southeast Asia, Kenro Capital is poised to capitalize on the expanding opportunities in the secondary investment space, offering a promising avenue for investors seeking liquidity and diversification without the complexities of traditional equity funding.
