TR Capital’s Rohitt Mutthoo to exit, join Raj Dugar in new secondary fund

Mutthoo resigned about two months ago and is currently serving his notice period, which will conclude in the first week of November, two people cited above said on condition of anonymity.

“He is expected to join hands with Raj Dugar in a new firm called Ambit Arcadia Alternatives and lead the secondaries strategy for the firm," a third person said.

A spokesperson for TR Capital confirmed the departure and added that India remains a significant focus market for the firm.

“TR Capital will announce a number of senior team enhancements later in the quarter, in line with its expansion plans, beginning with a new director appointment in November," the spokesperson said in an emailed response.

The move underscores a continuing churn among investors focused on India’s growing secondary market, where dealmaking has surged as funds near the end of their life cycles seek liquidity amid delayed initial public offerings (IPOs) and volatile public markets.

The latest development marks the third senior-level exit in TR Capital’s India team in the past year, following the departures of Norbert Fernandes, who served as director, and Naman Jain, vice president, in November last year.

Fernandes went on to co-found Kenro Capital, a secondary-focused fund launched alongside former Peak XV executive Piyush Gupta, while Jain currently works at logistics firm Delhivery, according to their LinkedIn profiles.

Mutthoo, who joined TR Capital in October 2022, has over a decade of experience in private equity investments with past stints at Premji Invest, Multiples Private Equity, and CX Partners, among others. He has overseen investments across financial services and fintech, consumer, technology, logistics, and industrial sectors. His notable deals at TR Capital include Fibe, Sahajanand Medical Technologies (SMT), Sapphire Foods, Paradise Food Court, BigBasket, and Surewaves, according to his LinkedIn profile.

TR Capital, an Asia-focused secondaries fund, has steadily expanded its India exposure in recent years. It has provided liquidity solutions to several private equity firms through single-asset and portfolio transactions. In June, Mint reported that the firm acquired stakes in MoEngage, Whatfix, and Shadowfax from Eight Roads Ventures in a $50 million secondary deal.

Meanwhile, Dugar stepped down from Eight Roads Ventures after a 17-year stint at the firm, according to a Moneycontrol report last year. He was instrumental in setting up Eight Roads’ India operations before moving to Singapore in 2018 to oversee its expansion across Asia. Dugar also co-founded WestBridge Capital, one of India’s leading investment firms, which he left in 2003.

Secondary surge

The formation of Ambit Arcadia Alternatives comes amid rising activity in India’s secondary market, where investors trade shares among themselves—typically during late-stage funding rounds or ahead of IPOs, allowing early investors to exit.

Recent examples of dedicated 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 launched a ₹400 crore secondary corpus in May, while 360 ONE Asset Management closed a dedicated $600 million secondaries fund earlier this year. NeoWealth Management is also in the process of raising 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 an EY report, the value of strategic and secondary exits grew 5% to $3.7 billion in 2024, up from $3.5 billion in 2023, and is expected to rise further as Indian companies mature and investors seek alternative liquidity routes.