ChrysCapital raises $2.2 billion in largest Indian PE fund
ChrysCapital has raised the largest ever private equity fund by a domestic PE firm, having garnered $2.2 billion for ChrysCapital X, the company said.
This marks a more than 60% jump from the $1.35 billion Fund IX in 2022.
Another homegrown private equity firm, Kedaara Capital, had raised India’s largest PE fund last year with a $1.73 billion corpus for Kedaara IV. Meanwhile, Renuka Ramnath-led Multiples PE closed its fourth fund in 2023, raising $620 million.
Since its inception in 1999, ChrysCapital has cumulatively raised close to $8.5 billion across 10 private equity funds, a continuation vehicle, and its public markets fund. Through its private equity funds, the firm has deployed over $5.5 billion in more than 110 portfolio companies.
"If you look at the global landscape, India is far better placed than most economies,” Kunal Shroff, Managing Partner at ChrysCapital, told ET. “We have a large domestic market and significant under-penetration across many categories, which continues to drive additional growth.”
The firm has delivered strong returns on its investments in companies such as Intas Pharmaceuticals, Mankind Pharma, GeBBS Healthcare, Infogain, the National Stock Exchange, and Awfis.
The firm has already returned almost $7.8 billion at a 3.0x ROI from more than 80 exits to its investors, it said.
From a private equity perspective, Shroff noted that the market has evolved meaningfully. “Entrepreneurs are now more open to partnerships — they’re willing to offer larger stakes than before. Fifteen years ago, getting even a 5–10% stake was a challenge. It’s common today to see larger minority or even control deals and this shift has significantly expanded the size of the private equity market in India,” he added.
Global Backers
In this fund, ChrysCapital added more than 30 new global investors, comprising public pension funds, insurance companies, asset management firms, family offices and other institutional investors from Japan, the Middle East, South-East Asia, Europe, and the US. In addition, ChrysCapital, for the first time, has raised capital from Indian investors, with strong participation from institutional investors as well as large family offices, it said.
According to Kunal, the fund has made a conscious effort to widen its investor base and reduce concentration among global LPs.
“The goal is to expand our reach, engage with a wider pool of LPs across regions, and build a more diversified investor base,” he said. He added that ChrysCapital has, for the first time, raised domestic capital in its private equity fund—a deliberate step to tap into India’s growing wealth. “As Indian investors gain a deeper understanding of private equity, we believe domestic capital will grow faster than global capital and remain more aligned with India’s long-term story,” Kunal added.
Fund X will continue ChrysCapital’s strategy of investing in companies across sectors, including consumer, healthcare, financial services, enterprise technology, and industrials, it said.
Pharma Focus
Pharmaceuticals & healthcare has been a strong domain where Chryscapital reaped returns in the range of 3-9X. ChrysCapital's major investments in the pharmaceuticals and healthcare sector include Intas Pharmaceuticals, Mankind Pharma, Corona Remedies and Eris Lifesciences, Curatio Healthcare and Torrent Pharmaceuticals.
Recently, the fund exited Mankind Pharma with an internal rate of return (IRR) of 24%. With a total investment worth Rs2,210 crore in Mankind Pharma, ChrysCapital made an exit worth Rs7,510 crore.
Shroff believes that geopolitical issues have a relatively limited impact on ChrysCapital’s portfolios. In the pharma segment, most of the portfolio companies are domestically focused, and they continue to grow with strong margins and healthy returns on equity.
"Even for the businesses within the portfolio that have export exposure in pharma, the overall impact of tariffs remains minimal. The tariffs currently apply only to a small niche, so their effect is quite contained," he said.
In July, Chryscapital acquired about 90% stake in pan-India bakery chain Theobroma Foods for ₹2410 crore, and a minority stake in Sleep Company in August.
The fund-raising environment in the Asia-Pacific region remained gloomy in 2024, and dry powder declined from a record level in 2023, reflecting challenging fund-raising conditions, said a recent Bain & Company report. Fund-raising at Asia-Pacific-focused funds fell 22% to a 10-year low (excluding RMB funds), mirroring the 23% decline in global fund-raising. Fund managers cited the challenge of too many groups competing for a shrinking pool of funds. As LPs gravitated to funds with a strong track record, large funds continued to get larger, it said.
Looking at a longer time horizon, India and Japan were the only two markets that maintained a deal count in 2024 similar to the previous five-year average. Although India faces macroeconomic challenges, including inflation and consumption slowdown, it remains one of the fastest-growing countries in the region based on GDP, and investors are drawn to its strong growth fundamentals, added the report.
This marks a more than 60% jump from the $1.35 billion Fund IX in 2022.
Another homegrown private equity firm, Kedaara Capital, had raised India’s largest PE fund last year with a $1.73 billion corpus for Kedaara IV. Meanwhile, Renuka Ramnath-led Multiples PE closed its fourth fund in 2023, raising $620 million.
Since its inception in 1999, ChrysCapital has cumulatively raised close to $8.5 billion across 10 private equity funds, a continuation vehicle, and its public markets fund. Through its private equity funds, the firm has deployed over $5.5 billion in more than 110 portfolio companies.
"If you look at the global landscape, India is far better placed than most economies,” Kunal Shroff, Managing Partner at ChrysCapital, told ET. “We have a large domestic market and significant under-penetration across many categories, which continues to drive additional growth.”
The firm has delivered strong returns on its investments in companies such as Intas Pharmaceuticals, Mankind Pharma, GeBBS Healthcare, Infogain, the National Stock Exchange, and Awfis.
The firm has already returned almost $7.8 billion at a 3.0x ROI from more than 80 exits to its investors, it said.
From a private equity perspective, Shroff noted that the market has evolved meaningfully. “Entrepreneurs are now more open to partnerships — they’re willing to offer larger stakes than before. Fifteen years ago, getting even a 5–10% stake was a challenge. It’s common today to see larger minority or even control deals and this shift has significantly expanded the size of the private equity market in India,” he added.
Global Backers
In this fund, ChrysCapital added more than 30 new global investors, comprising public pension funds, insurance companies, asset management firms, family offices and other institutional investors from Japan, the Middle East, South-East Asia, Europe, and the US. In addition, ChrysCapital, for the first time, has raised capital from Indian investors, with strong participation from institutional investors as well as large family offices, it said.
According to Kunal, the fund has made a conscious effort to widen its investor base and reduce concentration among global LPs.
“The goal is to expand our reach, engage with a wider pool of LPs across regions, and build a more diversified investor base,” he said. He added that ChrysCapital has, for the first time, raised domestic capital in its private equity fund—a deliberate step to tap into India’s growing wealth. “As Indian investors gain a deeper understanding of private equity, we believe domestic capital will grow faster than global capital and remain more aligned with India’s long-term story,” Kunal added.
Fund X will continue ChrysCapital’s strategy of investing in companies across sectors, including consumer, healthcare, financial services, enterprise technology, and industrials, it said.
Pharma Focus
Pharmaceuticals & healthcare has been a strong domain where Chryscapital reaped returns in the range of 3-9X. ChrysCapital's major investments in the pharmaceuticals and healthcare sector include Intas Pharmaceuticals, Mankind Pharma, Corona Remedies and Eris Lifesciences, Curatio Healthcare and Torrent Pharmaceuticals.
Recently, the fund exited Mankind Pharma with an internal rate of return (IRR) of 24%. With a total investment worth Rs2,210 crore in Mankind Pharma, ChrysCapital made an exit worth Rs7,510 crore.
Shroff believes that geopolitical issues have a relatively limited impact on ChrysCapital’s portfolios. In the pharma segment, most of the portfolio companies are domestically focused, and they continue to grow with strong margins and healthy returns on equity.
"Even for the businesses within the portfolio that have export exposure in pharma, the overall impact of tariffs remains minimal. The tariffs currently apply only to a small niche, so their effect is quite contained," he said.
In July, Chryscapital acquired about 90% stake in pan-India bakery chain Theobroma Foods for ₹2410 crore, and a minority stake in Sleep Company in August.
The fund-raising environment in the Asia-Pacific region remained gloomy in 2024, and dry powder declined from a record level in 2023, reflecting challenging fund-raising conditions, said a recent Bain & Company report. Fund-raising at Asia-Pacific-focused funds fell 22% to a 10-year low (excluding RMB funds), mirroring the 23% decline in global fund-raising. Fund managers cited the challenge of too many groups competing for a shrinking pool of funds. As LPs gravitated to funds with a strong track record, large funds continued to get larger, it said.
Looking at a longer time horizon, India and Japan were the only two markets that maintained a deal count in 2024 similar to the previous five-year average. Although India faces macroeconomic challenges, including inflation and consumption slowdown, it remains one of the fastest-growing countries in the region based on GDP, and investors are drawn to its strong growth fundamentals, added the report.
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