ChrysCapital raises $225m for Fund VI

The capital has predominantly been raised from the Harvard Management Company, Asia Alternatives, Singapore-based Adam Street and sovereign wealth funds, according to VC Circle. The firm aims to complete its raise by the first quarter of 2012.

This will be ChrysCapital's first fund that won't be led by Senior Managing Director Ashish Dhawan, who announced in March that he would leave private equity to help address social issues in India. Dhawan looks to depart the fund in July 2012, enabling him to help with ChrysCapital's fundraising process.

Following his retirement, ChryCapital will be led by six managing directors: Ashley Menezes, Gulpreet Kohli, Kunal Shroff, Ravi Bahl, Sanjay Kukreja and Sanjiv Kaul.
Dhawan's departure has been called one of the best examples of a well-executed succession plan in Asia, and as it stands, all but one managing director - Brahmal Vasudevan, who joined in 2000 - remain at the firm in a show of cohesion for continuing investors. Vasudevan, meanwhile, is targeting $350 million for a spin out fund focusing on emerging markets in India and Southeast Asia.

ChrysCapital's investors are hoping for a healthier investment environment for its latest fund. In June of last year, ChrysCapital was said to return $300 million of the capital from its $1.25 billion ChrysCapital Fund V to its LPs, citing a poorer market climate and limited opportunities during 2009.

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• Topics
• South Asia
• Fundraising
• India
• Fundraising
• ChrysCapital Management
• Ashish Dhawan