ChrysCapital raises $500m for seventh fund

Less than a year since it began fundraising, the Mumbai-based buyout firm’s latest fund is on track to collect between a targeted $600m and $650m, up from the $510m it raised for its previous fund, ChrysCapital VI, which closed in 2012.

ChrysCapital, an India-focused private equity firm, has raised $500 million for its latest vehicle, ChrysCapital VII, less than a year after hitting the fundraising trail, Private Equity International has learned.

It started marketing its seventh fund in September 2015 with a $600 million target and a $650 million hard-cap, and is aiming for a final close before the end of the year, according to a source with knowledge of the fundraising. 

ChrysCapital, which manages about $2.5 billion of assets, typically invests between $20-$100 million in healthcare, financial services, business services, and consumer goods companies in India. The firm’s portfolio companies include Rajasthan-based auto financing business Au Financiers and Ahmedabad-based pharmaceutical company Eris Lifesciences.

The firm reached a first close on Fund VII in January with $350 million of capital commitments from existing limited partners as well as new commitments from endowments, family offices and insurance companies.

Fund VII has secured $20.3 million from the New York State Common Retirement Fund, according to PEI Research & Analytics data.

Limited partners who have invested in ChrysCapital's previous funds include the Harvard Management Company, the Stanford Management Company, and HarbourVest Partners, PEI data showed.

A senior executive at the firm told PEI that new limited partners in Fund VII include family offices and insurance companies that have been tracking India for a while.

He added that the firm will now start investing from Fund VII. ChrysCapital is reportedly looking to acquire a 15 percent stake in vehicle financing company Hero FinCorp as well as a 5 percent stake in the National Stock Exchange of India.

The firm raised its previous buyout fund, the $510 million ChrysCapital VI, in 2012, and has since invested in 13 companies.