Neo Asset Management raises Rs 750 Cr in first close of Rs 2000 Cr secondary PE fund
Neo Secondaries Fund aims to acquire secondary stakes in mature, high-growth unlisted Indian companies to provide liquidity to existing investors and deliver quicker exits.
Neo Asset Management has raised approximately Rs 750 crore in the first close of its flagship private equity vehicle, Neo Secondaries Fund (NSF), less than three months after its launch.
The fund, registered with SEBI as a Category II Alternative Investment Fund, is targeting a total corpus of Rs 2,000 crore.
NSF focuses on acquiring secondary stakes in unlisted Indian companies, offering liquidity to existing investors and access to mature, high-growth businesses.
The fund seeks companies that are segment leaders, EBITDA-positive, and have a clear path to exit within two to four years.
“India is the fastest-growing major economy in the world, and private markets are playing a pivotal role in driving capital formation,” said Nitin Jain, Chairman and Managing Director of Neo Group. “The Neo Secondaries Fund represents a strategic expansion of our platform into the private equity space. We’re seeing a strong investor demand for access to scaled, profitable businesses at value-accretive entry point. NSF is purpose-built to address that demand, through a disciplined and opportunity-led investment approach.”
Hemant Daga, CEO and Co-Founder of Neo Asset Management, said the fund gives investors access to a “curated portfolio of high-growth, market-leading companies.”
“Our approach is rooted in disciplined investing and deep sector insights. In today’s environment, where access to quality businesses is increasingly competitive, NSF offers differentiated exposure to companies with strong fundamentals and clear exit pathways," he added.
The fund has already closed three investments and signed a multi-asset deal with a leading domestic venture capital firm. Current investments include late-stage companies in the consumer, technology, and AI/analytics sectors.
“We are seeing growing demand for secondary capital in India as early investors look for liquidity and companies continue to scale,” said Nitin Agarwal, Head of Private Equity at Neo. “NSF is well positioned to solve for liquidity and DPI challenges faced by existing investors, offering them timely exit options. At the same time, new investors benefit from quicker cashflows and shorter holding periods, making secondaries a compelling strategy in India’s evolving private equity ecosystem.”
Neo Asset Management currently manages over Rs 13,500 crore in assets across private equity, credit, infrastructure, and structured debt. Backed by investors including Peak XV Partners, MUFG, and Euclidean Capital LLC, the firm aims to build a differentiated private markets platform for both domestic and global investors.