Cat II · Managed by Kenro Capital
India and Southeast Asia's Partner for Growth-stage Secondaries.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Kenro Capital Trust is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/25-26/2012), registered in January 2026 and managed by Kenro Capital Investment Manager LLP — a Mumbai-based specialist growth secondaries fund, launched in November 2024 as India and Southeast Asia's first fund dedicated exclusively to growth-stage secondary investments. 'Kenro' is derived from the Japanese word for 'strength' and 'resilience' — qualities the founders associate with both their investment approach and the founders they back. Co-founded by Piyush Gupta (formerly 7 years at Sequoia India/Peak XV as Head of Strategic Development, 17 years at Morgan Stanley and Deutsche Bank in technology investment banking, 30+ IPOs) and Norbert Fernandes (former lead of TR Capital's India investments from 2017, co-founder of IvyCap Ventures, started career at Temasek, founding member of IVCA Secondaries Special Interest Group), Kenro Capital targets the $100 billion Indian and SEA secondary market growing at 25% CAGR. The SEBI AIF registration was obtained in January 2026, following the fund's public launch in November 2024. The fund's maiden investment was a $40 million secondary transaction in K12 Techno Services (December 2024). The registered address is C801, Oberoi Splendor, JVLR, Jogeshwari East, Mumbai 400060 — Norbert Fernandes' residential address per SEBI, with operational activities at BKC/Mumbai CBD.
Piyush Gupta
Co-Founder
Piyush was with Sequoia India (Peak XV), India/SEA's largest VC firm, for the last 7 years, where he headed strategic development and generated an industry-leading exit execution track record with $2Bn+ cash exits. Prior to this, Piyush spent 17 years in technology investment banking at Morgan Stanley and Deutsche Bank, where he developed a deep understanding of tech companies while executing IPOs, M&A, and private placement. Across his career in the region, he has been instrumental in more than 30 IPOs and public market follow-ons. Piyush holds an undergraduate degree from SRCC, Delhi University, and a management degree from IIM Ahmedabad.
Norbert Fernandes
Co-Founder
Norbert is one of the most experienced secondary investment specialists in India. Leading TR Capital's India investments from 2017 till recently, he has closed several noteworthy secondary transactions and is a founding member of the IVCA Secondaries Special Interest Group. Norbert started his investing career with Temasek and then went on to co-found IvyCap Ventures, creating a strong track record of returns. His work has won industry recognition, including from PEI and IAAIF. Norbert holds an undergraduate degree from IIT Kanpur and a management degree from IIM Calcutta.
Pratik Gandhi
Associate Vice President
MBA (IIM Calcutta), Chartered Accountant, CFA (all three levels cleared)
Pratik Gandhi is an Associate Vice President at Kenro Capital. Before joining Kenro, he was part of the investment team at TR Capital, where he evaluated companies across various sectors, including consumer brands and platforms, financial services, B2B enterprises, and software services. Earlier in his career, Pratik worked with the investment banking team at Avendus, focusing on the digital and technology sector, and with Deloitte in its tax advisory practice. Pratik holds an MBA from IIM Calcutta, is a Chartered Accountant and has cleared all three levels of the CFA program.
Manisha Girotra
AdvisorCEO, Moelis India
Manisha is currently the CEO of Moelis India and was previously the CEO and Country Head of UBS India across its investment bank, commercial bank, wealth management, and markets divisions. She demonstrated significant entrepreneurial zeal in establishing UBS, and now Moelis, in India from the ground up. She is a trusted advisor to several leading India businesses. Manisha has been named one of the 25 Most Powerful Women in Business in India by Business Today for the past six years as well as one of the 50 Most Powerful Women in Business by Fortune India in 2014 and 2015. She currently serves on the Global Board of Naspers and is a Board Member of listed companies, Ashok Leyland and Mindspace Business Parks REIT.
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Ari Sarker
AdvisorPresident, Asia-Pacific, Mastercard
Ari is currently the President of Asia-Pacific at Mastercard and a member of Mastercard's Global Management Committee. Ari joined Mastercard in 2011 and has held an array of leadership roles across geographies. Under his leadership, Asia-Pacific division has been amongst the fastest growing regions globally. He also spearheads identifying and managing equity investment opportunities for Mastercard in Asia-Pacific region. Before joining Mastercard, Ari spent over 12 years with GE in a number of senior roles across key markets in the Americas, Europe, and Asia Pacific, including as their Head of Private Equity.
Amit Jain
AdvisorFounder and CEO, Zamp
Amit is the Founder and CEO of Zamp. Prior to founding Zamp, which is building AI agents for finance and operations, Amit was a Managing Director at Sequoia Capital India and Southeast Asia for 3 years. Prior to that, he was Head of Asia-Pacific at Uber Inc. Amit is an operating legend and was recognized as an outstanding business leader growing from Head of India at Uber to Head of Asia-Pacific during its most intense scale up phase.
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