New Delhi, May 20 -- Homegrown asset manager Oister Global, which has partnered with San Francisco-based Tribe Capital's India arm for its secondaries-focused strategy geared toward the Indian private market, has unveiled the third vehicle in the series about six months after it launched the second vehicle.
The latest fund ACE III, which builds on the strategy of its predecessors, is targeting a corpus of Rs 500 crore ($51.6 million), which includes a greenshoe option of Rs 250 crore, Oister said Wednesday.
The new fund will target late-stage secondary opportunities across high-growth sectors and invest in companies with proven unit economics, institutional backing, and clear liquidity pathways through IPOs, strategic transactions, or future fundraising.
Oister and Tribe had teamed up in September 2024 and launched the first vehicle of the ACE Fund series. The ACE Fund I, a Category II alternative investment fund, had a target of Rs 200 crore, but was oversubscribed and collected Rs 260 crore. Its successor, ACE II, was launched in November 2025, and with a target corpus of Rs 200 crore and closed at Rs 400 crore, tapping its Rs 200 crore greenshoe option.
Oister said that about 98% of capital raised across the ACE series has come from domestic investors, including family offices, institutions, and high-net-worth individuals.
"The ACE series has proven that secondaries in India are not a niche strategy; they are a repeatable, institutional-grade approach to backing businesses that have already survived the hardest part of their journey," said Rohit Bhayana, co-chief executive and co-founder, Oister Global.
The first fund was deployed across six companies including Bluestone, Servify, Zypp Electric, and OfBusiness. It began returning capital within a year of final close. The second vehicle has completed five investments so far. These include Bluestone, Purplle, Bombay Shaving Company and Kuku FM, according to its website.
The firm's strategy works on identifying the target companies that are profitable and close to providing liquidity, even before raising capital for a fund. The cheque size is generally in the range of Rs 100 crore.
"A key differentiator for us has been our 'glass box' structure, designed to solve three core problems in private markets: opacity, long lock-ins, and delayed DPI," said Sandeep Sinha, co-chief executive and co-founder, Oister Global. "Investors get clear visibility into what we own and why, without the black-box nature of traditional funds. We also focus on shorter-duration opportunities with tangible liquidity pathways, aiming to deliver real distributions."
Published by HT Digital Content Services with permission from VC Circle.