ChrysCapital said to raise $2.1 billion record buyout fund

An announcement on the fund’s final close is expected in the next few weeks, the people said, asking not to be identified discussing confidential information. Bloomberg

ChrysCapital Management Co. has secured $2.1 billion for its latest private equity fund, marking the biggest capital raising by an Indian buyout shop, according to people familiar with the matter.

The 26-year-old firm’s latest fund is about two-thirds bigger than its last capital raise of $1.25 billion in 2022, and beat the record $1.7 billion raised by India’s Kedaara Capital last year. An announcement on the fund’s final close is expected in the next few weeks, the people said, asking not to be identified discussing confidential information.

The ultimate amount could change depending on any last minute tweaks in investor commitments and capital promised by the firm’s senior executives, the people said.

ChrysCapital did not respond to an email seeking comment.

The fundraising, which began last year, is completing during a challenging environment for private asset funds. Globally, such funds raised $1.1 trillion in 2024, a 24% decline from the previous year, according to a report from Bain & Co. Still, India has been a bright spot for private equity firms over the past decade as global buyout giants ramp up investments and then cash out in a growing stock market and via private transactions.

ChrysCapital manages $5 billion across nine private equity funds, according to its website. The firm, one of the pioneers in India, has realized over $7 billion from more than 80 sale transactions, and fully exited investments from its first six funds.

The largest pool of capital in ChrysCapital’s prior funds was from North American pensions, endowments and other investors, Singapore’s GIC Pte has also been a big investor along with some Japanese investors.

ChrysCapital takes both minority and majority stakes in companies, and partners with other firms on larger deals. The firm’s investments include National Stock Exchange of India Ltd., eyewear firm Lenskart Solutions Pvt Ltd., and multi-specialty hospital chain KIMS Hospitals.