TR Capital closes second fund

The pan-Asian fund allocates 60 percent of its capital to investments in private equity funds and 40 percent to direct investments.

Hong Kong-based investment firm TR Capital has held a final close on an undisclosed sum for TR Capital, its second pan-Asian fund.

Paris-based investment firm Tikehau Group and Paul Robine, TR Capital’s founder, are sponsors of the fund, Robine said in an interview. 

The fund allocates 60 percent of its capital to private equity funds and the remaining 40 percent to direct private equity investments. It has made commitments to two private equity funds and intends to deploy more capital in the second half of 2009 and 2010. “We will first make commitments to other funds, followed by direct private equity investments later,” Robine said.

The firm’s other fund, TR Propasia, held a final close at the end of 2008. Proparco, the French government’s development financial institution, is the sole investor in this fund. TR Propasia employs the same investment strategy as TR Capital and is yet to make its first investment, according to Robine.

Both funds invest in China, Southeast Asia and India.

Established in early 2008, TR Capital works in partnership with Tikehau Group. Robine declined to comment on the details of the partnership.