ChrysCapital co-founder to depart

Ashish Dawan will leave the Indian firm he co-founded in mid-2012 to pursue non-profit activities.

Ashish Dhawan, co-founder and senior managing director at India’s ChrysCapital Investment Advisors, is to leave the firm to pursue opportunities in the education and non-profit sector in July 2012.

“Nothing changes until July 2012. Even thereafter, I will continue to engage with any activities that pertain to any investment recommendations made 'till then,” Dhawan said in a statement.

Managing director Brahmal Vasudevan also plans to resign later this year. He will return to his home country of Malaysia, where he will focus on investments in South East Asia and India, according to the statement. It was not disclosed whether he planned to launch his own fund to do this.

Dhawan and Vasudevan will pass the torch to the six remaining managing directors at ChrysCapital, who will share equal responsibilities in leading the firm, the statement said.

Ashish
Dhawan

Going forward, Ashley Menezes will lead client services, due diligence, finance, legal, compliance, industry representation and human resources; Gulpreet Kohli will manage client relationships and real estate and consumer services; Kunal Shroff will oversee the infrastructure and power sectors; Ravi Bahl will manage financial services; Sanjay Kukreja will lead business services and manufacturing; and Sanjiv Kaul will oversee the telecom, pharmaceutical and healthcare sectors.

New Delhi-based ChrysCapital was founded by Dhawan and Raj Kondur in April 1999. Kondur subsequently left the firm to found Nirvana Business Solutions, a business process outsourcing firm based in Bangalore. In March last year, he was appointed director at Bangalore-based growth capital investor Ascent Capital, which had partially spun out of UTI Ventures, one of India’s oldest private equity firms.

ChrysCapital has made more than 45 investments since inception in 1999, when it closed its maiden fund on $64 million. Its second, third and fourth funds closed on $127 million, $258 million and $555 million respectively, according to data provider PrivateEquityConnect.

ChrysCapital V closed on $1.25 billion in 2007, however, the firm decided last year to cut commitments by $300 million due to the limited number of investment opportunities it saw in the prevailing market. 

“Keeping in mind the investment climate in India, our call has been that the number and quality of good investment stories will get limited, so it doesn’t really make sense to carry on with a billion dollar fund,” managing director Sanjiv Kaul told the Indian media at the time.