Former Peak XV MD Piyush Gupta launches Kenro Capital, focusing on secondary deals

Piyush Gupta, former managing director of venture capital firm Peak XV (previously Sequoia Capital), has announced the launch of Kenro Capital, a new investment firm specializing in late-stage secondary transactions.

The fund aims to address a rising need for liquidity among early investors in startups and will target growth companies in India and Southeast Asia.

Gupta, who left Peak XV seven months ago, described a gap in the market for funds focused solely on secondary investments.

“When early investors, founders, and employees need an exit, they often have nowhere to turn. That’s the opportunity we are addressing,” Gupta told Mint.

Investment strategy and team composition

Kenro Capital plans to invest $20-30 million per transaction, with the potential for larger deals through co-investment opportunities.

The fund will prioritize minority stakes in startups that demonstrate significant revenue growth and profitability or are nearing profitability. It also seeks businesses with clear prospects for a public listing within two to three years.

The fund is co-founded with Norbert Fernandes, a private equity veteran with experience at Temasek, IvyCap Ventures, and TR Capital.

Fernandes will lead operations from Mumbai, while Gupta will remain based in Singapore. Together, they plan to build a team of five to six investment professionals.