Neo Asset Management has completed the first close of its latest private equity fund, the Neo Secondaries Fund (NSF), raising around ₹750 crore toward its overall target of ₹2,000 crore, as per a press release.
Registered with Sebi as a Category II Alternative Investment Fund (AIF), NSF focuses on acquiring secondary stakes in high-potential unlisted Indian companies that demonstrate strong financial performance and offer clear exit opportunities within 2–4 years.
Helmed by secondaries and private equity expert Nitin Agarwal, the fund aims to deliver liquidity to existing investors while offering quicker returns to new ones. NSF is targeting profitable, late-stage businesses in fast-growing sectors such as consumer, technology, and AI/analytics. With three deals already finalized and several more in progress, the fund highlights the growing interest in secondary transactions within India’s maturing private market landscape.
Neo Asset Management, the alternative investment arm of the Neo Group, currently oversees more than ₹13,500 crore in assets under management (AUM) across private equity, credit, and infrastructure, according to a company release. The firm operates as part of the broader Neo Group—an integrated Indian wealth and alternatives platform supported by Peak XV Partners, MUFG Bank, and Euclidean Capital.
Headquartered in Mumbai, Neo serves a diverse client base including institutional investors, family offices, ultra-high-net-worth individuals (UHNIs), and pension and insurance funds. It offers capital solutions spanning private credit, real assets, and secondary private equity strategies.
As of mid-2025, the Neo Group reports managing approximately ₹40,000 crore across its wealth and asset management businesses. This includes ₹11,500 crore under its asset management division and ₹2,000 crore in net equity.
Despite its swift growth, Neo has maintained a capital-efficient strategy, with media reports indicating that none of the ₹400 crore ($48 million) raised in its 2024 Series B round—backed by MUFG Bank and Euclidean Capital—has been deployed yet.
In addition to the Neo Secondaries Fund, the firm has launched several Sebi-registered Category II Alternative Investment Funds (AIFs). This includes NSCOF-II, a private credit fund designed to lend to Ebitda-positive companies with hard asset collateral, addressing the increasing demand for liquidity and structured financing in India’s evolving private markets.
