Mauritius-based private equity firm ChrysCapital has fully realised ChrysCapital IV with its exit of Mankind Pharma.
The firm sold its entire equity stake to Capital International for $200 million, valuing Mankind Pharma at $2.1 billion.
The founding family will retaining an 89 percent stake in the company with Capital International the only outside shareholder, according to a statement from Debevoise who advised Capital.
The deal generated a return of nearly 8x on the original investment made and marks the full realisation of ChrysCapital’s fourth fund, a 2005-vintage vehicle that raised $555 million.
Investors in Fund IV include the Harvard Management Company, Rockefeller Foundation, James Irvine Foundation and the Kuwait Investment Authority, according to PEI’s Research & Analytics.
In 2007, Fund IV invested $24 million into Mankind Pharma, one of the largest pharmaceutical companies in India. It covers more than 400 brands and provides products ranging from prescription medicines to fast-moving consumer goods products.
“Mankind Pharma is today ranked amongst the top five players in the Indian domestic pharmaceutical market and has been the fastest growing pharma company for the last eight years,” managing director Sanjiv Kaul told Private Equity International in an email.
ChrysCapital makes investments in companies based in or focusing on India and the United States and manages $2.5 billion across six funds. Typical transactions are between $30 million to $300 million, according to the firm’s website.
Pharma/healthcare is a sector ChrysCapital focuses on. In 2014, its third fund made a “blockbuster exit” from Intas Pharma, earning a return of 13x on its original investment.
In January 2015, Temasek bought some of ChrysCapital’s stake in Intas Pharmaceuticals for $144 million.
The sale of Mankind Pharma marks the full realisation of ChrysCapital Funds I to IV.
According to the firm, Fund V has no net exposure and has returned the cost back to its investors. Fund VI, 2011-vintage vehicle that raised $510 million, is about 72% invested.
ChrysCapital has also recently launched Fund VII with a target of $600 million.
The firm continues to remain invested in several pharmaceutical companies in India including Intas Pharmaceuticals (Fund V), Eris LifeSciences (Fund V), Torrent Pharma (Fund VI) and Ipca (Fund VI).