ChrysCapital raises $600m for seventh India fund

LPs in ChrysCapital VII include both new and existing investors, with insurance companies, university endowments, family offices and global fund-of-funds represented. Returning LPs include Singapore’s GIC and Harvard Management Company. In a release the firm said the successful close, in spite of what it called a difficult fundraising environment for Indian GPs, demonstrated LPs’ satisfaction with its performance.

The vehicle launched in September 2015 and reached a first close of around $350 million that December. Investments will focus on the business services, financial services, healthcare, consumer and manufacturing sectors, and will comprise minority growth and select control deals. The GP has already made two investments from the fund, taking part in a INR10 billion ($149 million) funding round for non-banking financial company (NBFC) Hero FinCorp last September and joining Reliance Capital and other investors to anchor L&T Infotech’s IPO last July.

ChrysCapital closed its previous fund in May 2012 at the hard cap of $510 million, a substantial decline from the prior vehicle that closed at $1.25 billion in 2007 but returned $300 million to investors in 2010 citing a weak investment climate.

The GP claims to have made 75 investments in India and to have realized more than $4.2 billion across 55 complete exits, representing all of the capital from its first four funds and more than 100% of committed capital from its fifth. It is set for a full exit from pharmaceutical company Eris Lifesciences and a partial exit from NBFC Au Financiers in the companies’ planned IPOs.

AVCJ Research shows nearly $6.1 billion committed to India-focused PE funds in 2016, including partial and final closes.

Brookfield Asset Management and Sequoia Capital represented nearly a third of the total: the former partnered with the State Bank of India for a INR70 billion vehicle focused on stressed assets, while Sequoia reached a final close of $920 million on its fifth India fund. Multiples Alternative Asset Management also closed its second fund last year at $690 million, split between a core fund and a co-investment pool.

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• Topics
• South Asia
• Fundraising
• GPs
• Growth
• India
• ChrysCapital Management