**Title:** Blackstone and KKR Eye Secondary Market Deals in India
**Meta Description:** Blackstone and KKR are exploring secondary market transactions in India, marking a significant move for global private equity in the region.
**URL Slug:** blackstone-kkr-secondary-market-india
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**Blackstone and KKR Eye Secondary Market Deals in India**
Global private equity leaders Blackstone Inc. and KKR & Co. Inc. are considering investments in India’s secondary market, where they would acquire stakes from existing investors. This potential move, as reported by sources familiar with the situation, could mark the first time these two major firms engage in secondary portfolio transactions within India.
As of March 2025, Blackstone managed over $1.17 trillion in assets, while KKR had $664 billion. Although Blackstone currently lacks a dedicated team for such transactions in India, the firm is actively assessing opportunities, particularly in multi-asset secondaries. One insider noted that with the maturation of Indian markets, new investment products are emerging, allowing for innovative capital deployment beyond traditional sectors like infrastructure and credit.
KKR is also exploring strategies to facilitate similar deals in India, focusing on companies with clear public listing timelines. Both firms are keen on tapping into the growing secondary market, where investors trade shares among themselves. This market has seen increased activity as early investors often exit during significant late-stage funding rounds or prior to initial public offerings (IPOs), which typically involve a combination of new stock and the sale of existing shares.
However, challenges remain, as disagreements over valuations between investors and founders can limit funding opportunities. Additionally, the uncertainty surrounding IPO exits amid global market volatility poses further risks.
The secondary market in India has been gaining traction, with global funds like TPG NewQuest and TR Capital leading the way. Domestic funds are now entering this space, alongside foreign investors who recognize the potential for substantial growth in this asset class. According to Shapath Parikh, co-founder of White Whale Ventures, approximately $150 billion has been invested in venture capital and private equity in India over the past decade, creating ripe conditions for exits from early-stage investments.
Recent transactions highlight this trend, such as Chiratae Ventures’ sale of stakes in companies like Lenskart and Bizongo to Madison India Capital for $70 million last year. Earlier this month, TR Capital acquired Eight Roads Ventures’ holdings in MoEngage, Whatfix, and Shadowfax for $50 million.
As Blackstone and KKR explore these opportunities, the landscape of India’s secondary market is poised for significant evolution, driven by both domestic and international investment interests.
**FAQ**
**What are secondary market transactions in private equity?**
Secondary market transactions involve the buying and selling of existing stakes in private equity investments, allowing early investors to exit while providing new investors with opportunities to enter established companies.
