Homegrown investment firm ChrysCapital has hit the final close of its latest fund ChrysCapital X, raising commitments of $2.2 billion (Rs 19,500 crore) and setting a record for raising the largest sector-agnostic private equity fund ever raised by a firm in the country.
The latest fund is 60% higher in corpus size compared to the $1.35-billion fund it raised under as its ninth fund three years ago, it said.
The development comes soon after VCCircle first reported that the firm is set to wrap up India’s biggest PE fund and is likely to make the final close with a little over $2 billion.
VCCircle had also recently reported that it hit a milestone in the fundraising process. The PE firm had begun raising the new fund in October last year and the final close comes just six months after its first close.
The statement said that the fund has added more than 30 new global investors to its LP base, comprising public pension funds, insurance companies, asset management firms, family offices and other institutional investors from Japan, the Middle East, Southeast Asia, Europe, and the US.
In addition, it has, for the first time, raised capital from Indian investors, including institutional investors, as well as large family offices.
“We have gone deeper in geographies that we were present in terms of scooping up capital from our investors. It’s a good mix of institutions and family offices. In terms of our sector focus, we continue to be focused on our core sectors while going deeper and exploring new sub-sectors within those sectors,” said Saurabh Chatterjee, managing director, ChrysCapital.
He added that the focus of the fund is to spot the right asset and value-add whether the firm does a growth investment or a buyout-control deal. “In any case, the attempt is to grow the company to take it to the next level irrespective of minority or majority deal. So, we look at all deals as growth investment,” he said.
“Investors recognize that India represents one of the world’s most compelling long-term investment opportunities, underpinned by favourable demographics, rising consumption, rapid digital adoption, and supportive policy frameworks,” said Gaurav Ahuja, partner, ChrysCapital.
The latest fund will continue ChrysCapital’s strategy of investing in companies across sectors, including consumer, healthcare, financial services, enterprise technology, and industrials.
It aims to deploy the fund over the next three-four years and has several deals already in the pipeline.
Since inception, ChrysCapital has raised close to $8.5 billion across 10 private equity funds, a continuation vehicle, and its public markets fund. Through its private equity funds, the firm has deployed over $5.5 billion in more than 110 portfolio companies. It has already returned almost $7.8 billion at a 3x ROI from 80-plus exits to its investors.
Kedaara Capital last year hit the final close on its fourth fund at $1.74 billion, setting a new benchmark for sector-agnostic PE funds.
Multiples Alternate Asset Management, a private equity firm floated by Renuka Ramnath in 2009 and more commonly known as Multiples PE, wrapped up fundraising for its fourth vehicle late last year, but stopped short of its hard cap of $1 billion.
Everstone is also believed to be eyeing a billion-dollar fund.
