Neo Asset Management has achieved a ₹750 crore first close for its Neo Secondaries Fund (NSF), with plans to raise up to ₹2,000 crore. The Sebi-registered AIF will acquire secondary stakes in profitable, unlisted Indian companies that are nearing exit stages. The fund is backed by global investors and targets returns over 2–4 years, positioning Neo as a key player in India’s deepening private equity markets.
Neo Asset Management, based in Mumbai, is the alternative investment arm of Neo Group, a diversified Indian wealth and asset management platform. With a robust portfolio spanning private equity, structured credit, infrastructure, and real assets, Neo manages ₹13,500 crore in AUM under its asset management division and over ₹40,000 crore at the group level.
The company has announced the first close of its flagship private equity initiative, the Neo Secondaries Fund (NSF), raising ₹750 crore out of its planned ₹2,000 crore corpus. Registered under SEBI as a Category II AIF, NSF is designed to acquire secondary stakes in late-stage, unlisted Indian companies with strong fundamentals and visible exit timelines within 24–48 months.
Led by Nitin Agarwal, a seasoned professional in secondaries and private markets, the fund is structured to deliver accelerated returns to new investors while offering liquidity to early backers of private companies. With a focus on high-growth verticals such as consumer brands, technology, and AI/analytics, the NSF has already concluded three transactions and is actively evaluating additional opportunities.
This initiative reflects the growing appetite for secondary transactions—an increasingly critical segment of India’s maturing private capital ecosystem. These deals help early investors exit profitably while providing fresh capital and strategic value to target firms nearing IPO or M&A events.
NSF is Neo’s latest in a series of AIF launches aimed at building a full-stack alternatives platform. The company earlier launched the NSCOF-I, a ₹2,575 crore structured credit fund that was fully deployed across 23 deals. In April 2025, it launched NSCOF-II with a ₹2,000 crore first close toward a ₹5,000 crore target, lending to EBITDA-positive companies with asset-backed collateral.
Also Read: BharatPe’s USD 15M Raise Reflects Fintech’s Shift to Profitability
Neo’s capital-efficient model has also attracted notable global investors. Its Series A round in October 2023 brought in ₹300 crore from Peak XV Partners. A ₹32 crore private placement followed in July 2024, succeeded by a ₹400 crore Series B round in August 2024, led by MUFG Bank and Euclidean Capital. Notably, Neo has yet to deploy the capital raised in its Series B round, showcasing a disciplined approach to fund utilization.
Neo’s broader objective is to become India’s go-to partner for structured financing, secondary stakes, and liquidity-driven private market strategies. With increasing investor demand for shorter holding periods, risk-mitigated returns, and exposure to near-exit companies, NSF fits well within this institutional shift.
Looking forward, the firm aims to consolidate its position by focusing on exit-aligned, profit-generating Indian companies, and expand its reach across family offices, pension funds, and global asset allocators. Neo’s momentum underscores the increasing sophistication and depth of India’s alternative investment space.
READ MORE ON