New Delhi: Home-grown private equity (PE) fund ChrysCapital Management Co. has raised over $600 million for its seventh offshore fund, the company said on Tuesday. The PE firm hit the road in November 2015 to raise the fund, ChrysCapital VII.
ChrysCapital received support from long-standing limited partners (LPs) such as Singapore’s sovereign wealth fund GIC Holdings Pte Ltd, Asia Alternatives Management Llc and Harvard Management Co., the PE firm said in a statement.
LPs are entities that are the source of money for PE firms, which then establish funds to invest.
New marquee LPs include global insurance companies, university endowments and family offices, ChrysCapital said. It did not disclose their names.
The PE company, which has large exposure to listed firms, will invest from the latest fund across its key focus sectors – business and financial services, pharmaceuticals/healthcare, manufacturing and the consumer sector.
ChrysCapital has already made two investments from the fund.
In July last year, the firm came in as one of the anchor investors during the initial public offering (IPO) of L&T Infotech Ltd, a unit of Larsen and Toubro Ltd. It made a second investment in September in the non-banking financial company (NBFC) Hero FinCorp Ltd, a part of the Hero Group.
ChrysCapital is in the process of monetizing the last few remaining investments from its fifth fund. It has fully realized four successive funds.
“This will make ChrysCapital the only Indian private equity firm with five fully realized funds and its ~$4.5 billion of realizations would represent a disproportionately large piece of the Indian private equity industry’s total realizations,” it said in the statement.
Last year, ChrysCapital partially exited Au Financiers (India) Ltd and also made a loss-making partial exit from Pratibha Industries Ltd. ChrysCapital has decided to sell its remaining stake in Intas Pharmaceuticals Ltd, a privately held drug maker based in Ahmedabad, and is holding discussions to dilute at least half the stake shortly, Mint reported in January.
ChrysCapital is also looking to exit its investment in Eris Lifesciences Pvt. Ltd. It had invested about Rs160 crore in the firm in 2011 for a 16% stake.
The current team of four partners, led by managing partner Kunal Shroff, is credited with the successful closure of its prior funds, ChrysCapital III and IV. The other three partners are Sanjiv Kaul, Sanjay Kukreja and Ashley Menezes.
The PE firm said that it continues to strengthen its investment team with the recent additions of Sudip Nandy, a former executive at Wipro Ltd and KKR-backed Aricent Group, and Prashant Kumar, former principal at Warburg Pincus Llc, among others.
With over $3 billion of assets under management across seven funds, ChrysCapital has made close to 80 investments in India and 60 full exits. The PE firm, which had closed its sixth fund at $510 million in 2012, typically invests $40-50 million per transaction. Its portfolio includes Infogain India Pvt. Ltd, KPIT Technologies Ltd, Cyient Ltd, Liquidhub Inc., Au Financiers, Federal Bank, Karur Vysya Bank, Torrent Pharmaceuticals Ltd and Intas Pharmaceuticals.