Neo Asset Management Announces First Close of INR 2,000 Cr Neo Secondaries Fund The fund seeks to provide liquidity to early investors and shareholders in mature, high-growth private businesses

Neo Asset Management has completed the first close of its flagship private equity vehicle, the Neo Secondaries Fund (NSF), raising approximately INR750 crore in under three months. The SEBI-registered Category II Alternative Investment Fund (AIF) is targeting a total corpus of INR2,000 crore, focused on acquiring secondary stakes in unlisted Indian companies.

The fund seeks to provide liquidity to early investors and shareholders in mature, high-growth private businesses. NSF's investment approach targets companies with positive EBITDA, proven revenue growth, strong governance practices, and a visible path to exit within 2–4 years post-investment. The strategy reflects a growing shift in India's private equity space, where secondary deals are gaining traction as a preferred route for capital deployment amid tighter primary deal activity.

"India's private markets are maturing rapidly, and secondary transactions are emerging as a strategic way to access quality assets and enable liquidity," said Nitin Jain, Chairman & Managing Director, Neo Group. "The Neo Secondaries Fund is designed to meet this market need with a disciplined, opportunity-led approach."

CEO and Co-founder Hemant Daga added that the fund offers investors exposure to a curated set of late-stage, market-leading companies. "In an increasingly competitive market, NSF delivers differentiated access to strong fundamentals and clear exit pathways."

The fund is managed by Nitin Agarwal, a veteran with over 24 years in private equity. It has already closed three investments and recently entered into a multi-asset deal with a leading VC firm. Sectors include consumer, technology, and AI/analytics.

Neo Asset Management currently manages INR 13,500 crore in AUM across private equity, credit, infrastructure, and special situations.