India’s ChrysCapital has raised $2.2 billion for its tenth fund, making it the country’s biggest-ever private equity fund, and drawing strong demand from domestic investors for the first time, the firm said on Wednesday.
The fund, ChrysCapital X, represents a 60% increase over its $1.35-billion Fund IX that closed in 2022 and surpasses the previous record of $1.7 billion set by Kedaara Capital in 2024.
For the first time, ChrysCapital attracted domestic investors, with 15% of the fund coming from institutional investors and professionally managed family offices in India.
“We haven’t done this in our prior nine funds. But what we’re seeing is that wealth in India is rising very rapidly,” Gaurav Ahuja, Partner at ChrysCapital, told Reuters.
“A larger part of our overall pool of capital will come from domestic LPs for our next fund.”
Global investors from Japan, the Middle East, South-East Asia, Europe, and the U.S. all participated in the fund-raise for ChrysCapital X, with the U.S. serving as one of the largest investor bases for the firm.
Founded in 1999, ChrysCapital has raised nearly $8.5 billion across ten private equity funds, a public markets fund and a continuation vehicle, a kind of fund used to extend the holding period of high performing assets.
Through its PE funds, the firm has invested over $5.5 billion in more than 110 portfolio companies, including dessert chain Theobroma Foods, e-commerce platform FirstCry, KIMS Hospitals, and IPO-bound firms such as the National Stock Exchange and eyewear maker Lenskart.
ChrysCapital X aims to invest in around 15 companies, with average ticket sizes of $140 million-$150 million, up from $120 million in Fund IX. The firm will continue to focus on sectors such as technology, financial services, healthcare, and consumer businesses.
The fund is looking to deploy capital at a time when India’s standing as a bright spot in global investment markets has grown, as activity slows in economies like China. Global firms such as KKR & Co, Blackstone, and Temasek have ramped up their investments in India, reinforcing its position as a premier market in the Asia-Pacific region.
Reuters
