ChrysCapital has announced the final close of its Fund X at $2.2 billion, making it the largest private equity fund raised by an India-focused firm to date. The fund represents a 60 percent increase from its previous Fund IX of $1.35 billion, closed in 2022, highlighting growing investor confidence in India’s private equity ecosystem.
Capital Deployment Strategy
Fund X will be deployed across established companies in high-growth sectors such as healthcare, consumer, financial services, enterprise technology, and industrials. ChrysCapital plans to invest the capital over the next three to four years, with multiple transactions already in progress. The firm will continue its strategy of taking both majority and minority stakes in businesses with strong governance, clear growth potential, and well-defined exit routes.
Investor Participation and Global Backing
Over 30 new global investors participated in Fund X, including pension funds, insurers, asset managers, and family offices from markets such as Japan, the Middle East, Southeast Asia, Europe, and the United States. For the first time, domestic institutional investors and large Indian family offices also joined the fund. Fund X achieved its final close within six months of its first close.
Track Record and Market Position
Since its inception in 1999, ChrysCapital has raised approximately $8.5 billion across ten private equity funds, a continuation vehicle, and a public markets fund. The firm has deployed over $5.5 billion in 110 companies and delivered $7.8 billion from 80 exits, with a reported 3.0x return on investment. Its notable portfolio includes Intas Pharmaceuticals, NSE, Mankind Pharma, GeBBS Healthcare, Infogain, and Awfis.
With Fund X, ChrysCapital strengthens its position among leading private equity firms competing in India, including Blackstone, KKR, Carlyle, Bain Capital, TPG, Warburg Pincus, and Multiples.
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