ChrysCapital raises $600 million from GIC and other investors

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NEW DELHI: Home-grown private equity outfit, ChrysCapital, has raised a seventh fund accumulating $600 million from investors such as Government of Singapore Investment Corporation (GIC) and Harvard Management Company, its Managing Director and head of fund raising, Gaurav Ahuja, told ET.

The fund which was set up in the late 1990’s, was among the founding investors in publicly traded Yes Bank and counts amongst its portfolio of past investments, blue chip companies such as Idea CellularBSE -0.37 %, Axis BankBSE 4.99 % and HCL.

The latest fund was raised in a little over a year “despite a tough fund raising environment facing Indian private equity firms”, ChrysCapital said in a note.

Founded by Ashish Dhawan, ChrysCapital witnessed a managament transition five years ago when Dhawan decided to step down and pursue other interests.

Kunal Shroff, a veteran who had been with the fund since its inception, stepped into Dhawan’s role eventually and now leads the firm.

The latest fund has attracted interest from a combination of investors, referred to as limited partners (LP) in the private equity industry, that include insurance companies, university endowments and family offices, ChrysCapital said.

ChrysCapital has made 80 investments in India and exited 60 of these since its inception. The fund claims to have realized over $4 billion from the sale of its investments.

The fund’s portfolio of investments comprises of companies where it owns minority stakes as well as those where it has purchased controlling financial interests. It has invested in sectors as varied as business services, financial services, pharmaceuticals, healthcare, consumer and manufacturing.

The newly raised fund, ChrysCapital VII, has already made two investments, the first in mid-tier IT services firm L&T Infotech and the second in Hero FinCorp, an NBFC floated by the Hero Group.

The core team of the fund comprises Shroff, who is the Managing Partner and three other partners including former Ranbaxy executive Sanjiv Kaul, Sanjay Kukreja and Ashley Menezes.

ChrysCapital is also an investor in IPO-bound National Stock Exchange of India (NSE)