ChrysCapital raises $867m for eighth India fund
Indian private equity firm ChrysCapital has closed its eighth fund at $867 million. The vehicle was oversubscribed and the fundraising process took four months.
ChrysCapital launched the fund in August, less than two years after closing Fund VII at $600 million. Speaking with AVCJ, managing director Gaurav Ahuja attributed the quick return to market to the faster-than-expected deployment pace of the previous fund, which has committed more than 80% of the corpus across seven investments.
There was a high re-up rate from LPs in Fund VII and significant demand from several new investors, including sovereign wealth funds, public pension funds, and international insurance companies. ChrysCapital plans to offer more co-investment opportunities to LPs moving forward. For example, last year it acquired a 10% stake in Mankind Pharma for $325 million with support from GIC Private, Adams Street Partners, HarbourVest Partners, and Pantheon.
The firm’s investment strategy will remain unchanged from the previous fund, with deals focusing on the core sectors of financial services, healthcare, consumer, and IT services. Transaction sizes are expected to fall between $25-200 million, though with co-investment the firm could pursue deals worth as much as $500 million.
ChrysCapital is one of India’s oldest homegrown GPs. It claims to have deployed $3 billion across nearly 85 investments over the past 20 years, while realizing almost $5.5 billion from more than 70 exits. The firm seeks both minority growth and control deals, with a focus on companies where it can leverage its operational experience.
In addition to backing Indian companies, ChrysCapital has shown a willingness to back overseas companies with an Indian connection. Recent deals of this sort include GeBBS Healthcare Solutions, a California-based developer of technology for the healthcare sector that the firm acquired last month for an undisclosed amount.
The GP also invested in US-based customer engagement firm LiquidHub and helped grow its India operations before exiting its stake in a trade sale last year.
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