ChrysCapital reaches first close of $600m 7th India fund

Photo: REUTERS/Beawiharta

Private equity firm, ChrysCapital, has reached a first close of its seventh India fund, which was launched in September and has a target of raising $600 million.

The Mauritius-based firm managed to raise nearly $350 million by the end of December, quicker than what the fund had initially expected. India-focussed private equity funds raised $4.3 billion in 2015, the highest since 2011.

The strategy for the new fund will remain largely similar to that of its predecessor. Average investment sizes will be between $50 million to $60 million, in sectors such as healthcare, and services in the financial, consumer and business sectors, according to a report in the Asian Venture Capital Journal.

ChrysCapital had closed its sixth fund at $510 million in 2012, significantly smaller than its fifth fund, which had closed at $960 million in 2007. The corpus was later reduced by $300 million two years later, due to a weaker investment climate after the collapse of Lehman Brothers triggered a worldwide financial crisis.

In the last two years, the world has put the financial crisis behind it, but growth remains a concern in developed regions such as Europe, while China which long powered Asian growth, has slowed. However, India has been able to maintain a rate of more than 7 per cent, among the highest in the world.

ChrysCapital, which has a large exposure to publicly-listed firms, has been active in the last 12 months. It exited Mankind Pharma, after selling its stake to Capital International for $200 million, a nearly 10-fold gain. It also sold its stake in ING Vysya, doubling the $69 million investment it had made five years ago. New investments include buying Sequoia Capital’s 10 per cent stake in GVK Bio, a small stake in South Indian Bank and in US-based consulting firm Infogain.

Other private equity players are also actively raising funds. India Value Fund Advisors raised a $700 million fund, and Everstone Capital raised $730 million. Siddharth Parekh, the younger son of Deepak Parekh, chairman of India’s largest mortgage lender Housing Development Finance Corp, floated a $200 million fund. Venture Capital funds were at the forefront of fundraising as well, with a total of $2 billion getting raised by Accel Partners, Nexus Venture Partners and Sequoia Capital.

Also readPE firm ChrysCapital in talks to raise $600m for seventh India fund

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.