ChrysCapital seeks $600m for seventh India fund
ChrysCapital is targeting $600 million for its seventh India fund, as a number of domestic GPs look to capitalize on a renewed investor interest in the country and a strengthening economic outlook.
The PE firm started talking to investors about the new fundraise a couple of months ago, sources in the LP community told AVCJ. ChrysCapital closed its previous fund in May 2012 at the hard cap of $510 million. This was significantly smaller than Fund V, which closed at $960 million in 2007, only for the corpus to be reduced by $300 million two years later in recognition of the weaker investment climate.
Over the course of 2015, ChrysCapital has secured exits from ING Vysya - having doubled its money on a $69 million investment made in 2011 - and Mankind Pharma, selling its 11% stake to Capital International for just over $200 million for a reported gain of nearly 10x.
The firm has also made investments in the likes of South Indian Bank and Infogain, a US IT consulting firm. Having acquired a majority stake in the latter, ChrysCapital the supported the bolt-on of Blue Star Infotech's Indian IT operations.
India-focused private equity funds have received commitments of $3.9 billion so far this year, the highest annual total since 2011, according to AVCJ Research. This includes final closes for India Value Fund Advisors and Everstone Capital of $700 million and $730 million, respectively.
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