ChrysCapital nears final close of Fund VII – Exclusive

The India-focused firm has already made two investments from its seventh vehicle, which is targeting $600m.

Mauritius-based mid-market firm ChrysCapital is set to hold a final close on its seventh fund in the next few weeks, in line with its original fundraising target, Private Equity International has learned.

ChrysCapital VII was launched in September 2015 with a target of $600 million and a $650 million hard-cap. In July this year, PEI reported that ChrysCapital had raised $500 million against its target.

In the next few weeks, the firm will wrap up fundraising for Fund VII, which has a high re-up rate, a source with knowledge of the matter told PEI. The firm is speaking to a few more LPs but the target size should be met, the source added.

The firm has already made two investments from Fund VII including a reported $30 million investment in the Mumbai-based IT solutions company L&T Infotech and $105 million in Hero Fincorp, the retail lending arm of Hero Motocorp.

The firm is “off to a strong deployment pace and pipeline continues to be strong in 2017”, according to the source. 

Its predecessor fund, 2012-vintage ChrysCapital VI, raised $510 million against a $500 million target. Limited partners in Fund VI include Harvard Management Company, Employees’ Retirement System of the State of Hawaii and HarbourVest Partners, according to PEI data.

India-focused ChrysCapital, which manages about $3 billion under management, typically invests between $20 million to $100 million in domestic healthcare, financial services, business services, and consumer goods companies.

This year the firm invested over $250 million across seven investments including a reported five percent stake in the National Stock Exchange together with Singapore sovereign wealth fund GIC for an undisclosed sum, as well as in GVK Biosciences, a Hyderabad-based contract research and discovery service.

ChrysCapital also added three senior executives to the firm over the past 12 months. These were the ex-Warburg Pincus principal Prashant Kumar who was appointed as director; former senior vice president of Religare Global Asset Management Puneet Chadha who came on board as director of finance; and former CEO of KKR-backed Aricent Group Sudip Nandy as IT operating partner.