Private equity firm ChrysCapital closes record $2.2 billion fundraise

New fund marks first local investor participation

ChrysCapital, India’s largest homegrown private equity firm, has closed its 10th fund — ChrysCapital X — at $2.2 billion, the biggest India-focused private equity fund ever raised.

 

The fund marks a sharp rise from its $1.35 billion predecessor and underscores deepening global and domestic interest in India’s long-term growth trajectory, despite a challenging fundraising environment worldwide.

 

The fund closed within six months of its first close, attracting commitments from a diversified base of global and — for the first time — Indian investors. Around 85 per cent of commitments came from international players, including pension funds, insurers and sovereign funds, while roughly 15 per cent came from Indian institutional investors and large family offices.

 

“This is the first time the fund has raised capital from domestic investors,” said Gaurav Ahuja, partner at ChrysCapital. “India’s wealth is growing and the number of organised family offices has expanded significantly. Many large families are looking to diversify outside their operating businesses and into alternative platforms. We felt it was the right time to tap into this pool of capital.”

 

Ahuja said the firm mobilised $300 million from around 50 domestic investors. “This pool is growing rapidly, and we see strong appetite for long-term private equity exposure,” he added.

 

The firm plans to deploy Fund X over the next three to four years, continuing its strategy of backing established, high-growth businesses across sectors such as enterprise technology, financial services, pharmaceuticals and healthcare, consumer, new-age economy, and manufacturing.

 

“We have always followed a philosophy of building deep domain expertise before investing,” Ahuja said, adding that ChrysCapital avoids infrastructure, real estate, and commodities. “We have found that the sectors we invest in deliver strong return on capital and benefit from underlying industry growth.”

 

ChrysCapital has made over 110 investments to date and exited more than 80 of them, including marquee names such as Mankind Pharma, NSE, Infogain, KIMS Hospitals and Centre-for-Sight. The fund has deployed more than $5.5 billion in India since inception and generated a 3x-return across exits.

 

“We target a 3x return over five years, and our performance has consistently been north of 25 per cent over the life of the fund,” Ahuja said in an interview.

 

Describing why global capital continues to flow to India even as China and other emerging markets slow, Ahuja called India “the bright shining spot right now.”

 

“You’re looking at 6–7 per cent real GDP growth, strong fiscal and corporate balance sheets, controlled inflation, and room for rate cuts. Alongside rising financialisation and consumption, the long-term macro story is very compelling,” he said.

 

While acknowledging India’s regulatory and market complexity, he noted that tax policy has stabilised in recent years. “Our biggest challenge is valuations — ensuring we maintain discipline and invest at the right price,” he said.

 

ChrysCapital has about 25 active investments currently and continues to see strong deal flow. With Fund X, the firm expects to maintain its track record of backing category leaders and driving value creation through operational expertise.

 

Despite a buoyant deal landscape and rising investor appetite, Ahuja stressed that maintaining pricing discipline remains key in India’s competitive market. “Our biggest challenge is on the valuation side,” he said. “There are situations where public markets may offer better valuations than private equity investors can. We have to ensure we show financial discipline and invest at the right valuation.”

 

He added that ChrysCapital evaluates each opportunity based on sector-specific multiples, return on capital, growth visibility, and long-term cash generation. “Every sector trades at its own multiples, and we have to balance growth, return on capital, and what the future holds for the company before determining fair value.”