India’s homegrown private equity firm ChrysCapital Management Co has raised $2.1 billion for its latest buyout fund, marking the largest-ever capital raising by an Indian buyout firm, a source aware of the development has confirmed.
The fundraising, which was first reported by Bloomberg on Wednesday, beat the record $1.7 billion raised by India’s Kedaara Capital in 2023 and is about two-thirds bigger than ChrysCapital’s $1.25 million fund raised in 2022.
The final amount could still change due to potential last-minute adjustments in investor commitments and contributions from the firm’s senior executives, according to the report.
Founded in 1999, ChrysCapital is one of India’s largest and most established private equity firms.
It leverages deep sector expertise to make growth and control investments across key industries, including enterprise technology, financial services, healthcare, consumer, new economy, and manufacturing.
Since its inception, the firm has raised $5 billion across nine private equity funds, deployed nearly $4.5 billion into over 100 investments, and generated approximately $7 billion in exits across 80 transactions.
ChrysCapital has also fully exited its first six funds, a benchmark achievement in the Indian private equity landscape.
As of last year, ChrysCapital has closed over 100 deals and has returned about $6.5 billion to LPs. Its portfolio companies include engineering solutions provider QuEST Global, Bandhan Mutual Fund, Hero FinCorp, and Mankind Pharmaceuticals.
In April last year, the firm closed its continuation fund at $700 million and acquired a stake in the National Stock Exchange (NSE). The stake in NSE originally belonged to ChrysCapital VI, when it first bought a 5% stake in the company in 2016.
The fund is anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures.
The fundraising comes as Indian PE and venture capital (VC) firms raised $6.8 billion from limited partners in 2024, marking an 18% drop from the previous year.
According to data compiled by Venture Intelligence, as many as 52 funds marked their first, second, or final closes between Jan. 1 and Dec. 14, 2024, compared with 72 in the entire 2023.
