Oister Global Launches Third Secondaries Fund With ₹500 Cr Corpus

PE firm Oister Global has launched its third secondaries vehicle, ACE Fund III, to back late-stage startups. The fund’s ₹500 Cr corpus comprises a base target of ₹250 Cr and a ₹250 Cr greenshoe option. 

The new fund will invest in late-stage secondary opportunities across high-growth sectors, focusing on new-age tech companies with proven unit economics, institutional backing, and clear liquidity pathways such as IPOs or strategic transactions.

Earlier, the firm’s ACE Fund II closed with 2X oversubscription, raising ₹400 Cr against its initial target of ₹200 Cr. Oister said it has completed five investments from the fund, of which two companies have already had their valuation marked up. 

The PE firm said it has seen half of its six portfolio companies reach public market outcomes via listings, DRHP filings, or exits. 

Including its third fund, Oister has now allocated over ₹1,000 Cr across its secondary series. It invested in startups like BlackBuck, Servify, M1xchange, Kuku FM, and Purplle from its previous two funds. 

Oister said that its funds have raised over 98% of their capital from domestic investors, including family offices, institutional investors, and high-net-worth individuals (HNIs), signalling domestic investors’ increasing comfort with secondaries. 

Oister is betting on the rising significance of secondary investments as an exit pathway for early investors and founders, as well as a means for growth-stage companies to raise long-term capital. 

As per a survey conducted by Inc42 as part of ‘Indian Tech Startup Funding Report Q3 2025’, secondaries emerged as the preferred means of liquidity for 41% of investors, above IPOs and acquisitions. With public markets increasingly demanding that listed companies double down on sustainable and predictable profitability, secondary funding has emerged as an option to fill the gap for late-stage startups that want to deliver exits to investors. 

Plus, IPOs incur complex compliance burdens and can result in VC investors being diluted, which impacts their IRR. On the other hand, secondaries offer instant liquidity, and also avoid the higher risk that comes with an acquisition. 

As a result, a number of investors have launched secondaries funds for the Indian startup ecosystem over the past year. While Neo Group’s asset management arm Neo Asset Management announced the first close of its ₹2,000 Cr secondaries PE fund at ₹750 Cr last year, Ironclad Asset Management launched ₹200 Cr ESOP-focused fund Ironclad Ventures to provide liquidity to employees in the Indian startup ecosystem.    

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