ChrysCapital has achieved a major milestone by raising $2.2 billion for its tenth fund, ChrysCapital X—the largest-ever private equity fund by a domestic PE firm. This represents a 60% jump from its previous $1.35 billion Fund IX launched in 2022.
Another homegrown private equity player, Kedaara Capital, had raised India’s largest PE fund last year with a $1.73 billion corpus for Kedaara IV, while Renuka Ramnath-led Multiples PE closed its fourth fund in 2023, securing $620 million.
Since its inception in 1999, ChrysCapital has cumulatively raised around $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 more than 110 portfolio companies.
“If you look at the global landscape, India is far better placed than most economies,” said Kunal Shroff, managing partner at ChrysCapital. “We have a large domestic market and significant under-penetration across many categories, which continues to drive additional growth.”
ChrysCapital has delivered strong returns on investments in companies like Intas Pharmaceuticals, Mankind Pharma, GeBBS Healthcare, Infogain, the National Stock Exchange, and Awfis. The firm has already returned almost $7.8 billion at a 3.0x ROI from over 80 exits, it said.
From a private equity standpoint, Shroff highlighted that the market has evolved considerably.
“Entrepreneurs are now more open to partnerships—they’re willing to offer larger stakes than before. Fifteen years ago, getting even a 5–10% stake was a challenge. It’s common today to see larger minority or even control deals, and this shift has significantly expanded the size of the private equity market in India,” he added.
In Fund X, ChrysCapital has brought in over 30 new global investors, including public pension funds, insurance companies, asset management firms, family offices, and institutional investors from Japan, the Middle East, Southeast Asia, Europe, and the US. For the first time, the firm has also raised capital from Indian investors, with strong participation from institutional players and large family offices.
“The goal is to expand our reach, engage with a wider pool of LPs across regions, and build a more diversified investor base,” Shroff said.
He added that this marks ChrysCapital’s first inclusion of domestic capital in its private equity fund—a deliberate move to tap into India’s growing wealth.
“As Indian investors gain a deeper understanding of private equity, we believe domestic capital will grow faster than global capital and remain more aligned with India’s long-term story,” he added.
Fund X will continue ChrysCapital’s investment strategy across consumer, healthcare, financial services, enterprise technology, and industrial sectors.
Pharmaceuticals and healthcare have remained strong focus areas for the firm, where it has achieved returns between 3x and 9x. Major investments include Intas Pharmaceuticals, Mankind Pharma, Corona Remedies, Eris Lifesciences, Curatio Healthcare, and Torrent Pharmaceuticals.
Recently, ChrysCapital exited Mankind Pharma with an internal rate of return (IRR) of 24%. With a total investment of ₹2,210 crore, the firm exited with ₹7,510 crore.
Shroff also noted that geopolitical issues have had limited impact on ChrysCapital’s portfolios. In the pharma space, most portfolio companies remain domestically focused, continuing to grow with strong margins and healthy returns on equity.
