ChrysCapital raises $610m for Fund VII

The India-focused firm has already made two deals from the fund: IT services company L&T Infotech and lending company Hero Fincorp.

India-focused firm ChrysCapital has held a final close on its latest vehicle on $610 million, according to a company statement.

The firm launched ChrysCapital VII in September 2015 with a $650 million hard-cap and held a first close in January 2016 on $350 million.

Limited partners in the fund include GIC Private Limited, Asia Alternatives and the Harvard Management Company. Meanwhile new investors in Fund VII include global insurance companies, university endowments and family offices, the firm said.

Capital raised for ChrysCapital VII will be invested in minority growth and control opportunities across the firm’s focus sectors – business services, financial services, pharmaceuticals/healthcare, consumer and manufacturing.

ChrysCapital has made two investments from the fund – a reported $30 million in Mumbai-based IT solutions provider L&T Infotech and $105 million in Hero Fincorp, the retail lending arm of India’s largest motorbike manufacturer Hero Motocorp.

ChrysCapital VII is slightly larger than its predecessor ChrysCapital VI, which raised $510 million in 2012, but is half of what the firm raised for ChrysCapital V in 2007 at $960 million, according to PEI data.

The firm is currently in the process of realising the last few remaining investments from ChrysCapital V and expects to wrap up the fund in the first half of 2017. ChrysCapital VI is approximately 97 percent invested, while the firm’s first four funds have been fully realised with high-teen net US dollar returns, the firm said in a statement.

ChrysCapital has $3 billion in assets across seven funds. Since inception in 1999, the firm has backed 80 Indian companies and exited 60 of these investments.