India’s Secondaries Market Gaining Momentum
The Indian secondaries market is showing signs of maturing as more Asian mid-market funds expand their focus to India or launch dedicated secondary vehicles. A combination of a stronger IPO environment, regulatory changes in primary fund structures, and aging private equity funds are driving increased interest from secondaries investors. In FY2026 alone, the number of Indian IPOs rose by over one-third with 108 listings raising $18.3 billion, including 35% backed by PE firms. Despite challenges such as delayed IPO plans due to geopolitical tensions and a four-year decline in private fund fundraising, secondaries players like 360 ONE Asset Management are preparing for deployment opportunities. The market is also evolving with the rise of GP-led transactions and continuation vehicles, although these remain relatively rare at present. Regulatory constraints on primary funds have created demand for customized liquidity solutions from secondary investors. Experts suggest that while India’s secondaries strategy has only gained traction in recent years, it will likely grow as the ecosystem matures.
Topics: Fundraising India Private Capital IPO Trends Secondaries Market