Private markets are India's engine of alpha.

Secondaries:

the intelligent way in

a win-win for LPs, GPs and founders

where late is actually early

the only exit that lets you enter

where liquidity meets opportunity

Ace With Secondaries

We believe secondaries are one of the most effective ways to unlock liquidity, strengthen domestic ownership, and back India's breakout companies at scale.

Our secondaries fund has deployed ₹1,000+ Cr, backing India's marquee private companies at the moment risk/reward makes the most sense. We underwrite every deal from first principles, quality is never a casualty of deal velocity.

The Fastest Growing Asset Class

$81B

Secondaries raised a record $81B in H1 2025 - the strongest first half ever, bigger than full year totals of 2021 and 2022. This strong growth led to the strategy ranking second, with 17% of private equity fundraising.

Source: PEI Secondaries Report September 2025

>10 years

The median IPO age has climbed from 6.9 to 10.7 years in the last decade. With public exits delayed, a liquidity vacuum has emerged - one increasingly filled by secondaries.

Source: Morningstar

$210B+

Global secondaries deal volume is on track to cross $210B in 2025, an unprecedented scale. H1 2025 hit $103B, up 51% y-o-y, while 2024 closed at $162B, a 45% jump on the prior year.

Source: Jefferies H1 2025 Global Secondary Market Review

$300B+

Dedicated available capital for secondaries hit a record $302B in H1 2025, up from $288B at end-2024

Source: Jefferies H1 2025 Global Secondary Market Review

The Secondaries Edge

Risk-Return Profiles of Private Market Asset Classes (Global Data)¹

Risk-return chart showing secondaries deliver higher IRR with lower volatility
Source: Coller Capital
Faster Liquidity

Faster Liquidity

Capital comes back sooner through quicker distributions and earlier DPI.

Valuation Discipline

Valuation Discipline

Pricing tied to demonstrated performance, not projections.

Exit Visibility

Exit Visibility

Clearer timelines and more predictable outcomes for capital return.

De-risked Growth

De-risked Growth

Exposure to proven companies with aligned long-term partners.

Oister Icon

Timing is an
asset class.

OISTER'S Investing Arc

A focused window to invest in proven businesses, with clear execution and visible paths to liquidity

Oister's investing arc showing stages from early growth to pre-IPO and liquidity

For Long-Term
Investors

Oister's secondaries strategy is designed for institutions, family offices, and sophisticated investors seeking compounding with visibility and discipline.

We allocate at scale into India's breakout companies — profitable, near-profitable, and IPO-bound.

For Founders
Or GPs

The best companies don't wait until IPO to plan liquidity.

At Oister, we work with high-growth, profitable or near-profitable firms to create clean pathways 12-36 months before exit.

Our role is simple:

  • Give early shareholders timely liquidity.
  • Strengthen cap tables with long-term investors.
  • Let founders keep building without compromise.

When the time is right, the best founders know where to turn.

India Is Ripe for Secondaries Breakout

Modern campus building and landscaped greens symbolising India's secondaries opportunity

A Decade of Capital, Waiting for Exits

India saw ~$429B of PE-VC investment from 2014-2024. With $108B from 2014-18 now crossing the decade mark and $177B from 2019-21 moving into harvest, many assets aren't IPO-ready. Secondaries bridge the gap, delivering liquidity, lifting DPI, and keeping growth on track until public markets are viable.
Red brick corridor with skylights symbolising pathways to liquidity via secondaries

Asia Turns to Secondaries, India Next in Line

In 2024, Asia-Pacific saw secondaries become the largest exit channel. India, meanwhile, emerged as the region's biggest exit market with ~$33B in exits, representing ~33% of regional value. With exits now embedded in the ecosystem and India facing vast unrealized capital and rising DPI needs, secondaries are set to become the country's natural next driver of liquidity.
Open window on a building facade symbolising unlocking liquidity and DPI in India

India's DPI Gap and the Secondaries Solution

DPI in Indian Category II AIFs remains low, with 0.5x-0.7x for 2017-21 vintages and 0.8x for 2015-16, well below North American and European peers. This gap highlights the secondaries opportunity: turning paper gains into cash, lifting DPI, and giving LPs and GPs room to recycle capital and keep India's growth story moving.
Source: Houlihan Lokey

Learn how secondaries really work