ChrysCapital Management has successfully raised $2.1bn for its latest private equity fund, marking a significant milestone as the largest-ever capital raise by an Indian buyout firm, according to a report by Bloomberg citing sources familiar with the deal.
This latest fundraise is approximately 66% larger than the firm’s previous $1.25bn raise in 2022 and surpasses the $1.7bn secured by Kedaara Capital last year.
The report indicates that an official announcement of the fund’s final close is expected within the next few weeks, though the total amount could still fluctuate based on final adjustments in investor commitments and contributions from the firm’s senior executives.
The fundraising process, which began last year, concludes in the face of a challenging market environment for private equity funds globally.
According to Bain & Co, private equity firms raised $1.1tn in 2024, a 24% decline from the previous year. Despite this trend, India continues to stand out as a stronghold for private equity, attracting increasing interest from global buyout firms looking to capitalise on the country’s expanding stock market and growing number of private transactions.
ChrysCapital, which currently manages $5bn across nine funds, has established itself as one of India’s leading private equity players.
Over the years, the firm has realised over $7bn through more than 80 exit transactions, successfully exiting investments from its first six funds.
Historically, North American pensions, endowments, and institutional investors have been the largest source of capital for ChrysCapital, with Singapore’s GIC and several Japanese investors also playing a significant role.
The firm is known for its flexible investment approach, taking both minority and majority stakes in companies, and often partnering with other firms to pursue larger transactions.
Notable investments include the National Stock Exchange of India, eyewear giant Lenskart Solutions, and the multi-specialty hospital chain KIMS Hospitals.
