PE Firm ChrysCapital Closes $700 Mn Continuation Fund

SUMMARY

The fund was anchored by US-based HarbourVest Partners and European funds LGT Capital Partners and Pantheon Ventures

The new fund will enable ChrysCapital to maintain its stake in NSE as the backers of the latest continuation fund bought the stake from investors of ChrysCapital’s Fund VI

India-focussed ChrysCapital claims to have raised more than $5 Bn across nine funds and realised $7 Bn from 80 exits since its inception in 1999

Private equity (PE) firm ChrysCapital on Tuesday (April 30) said it has closed its $700 Mn Continuation Fund. The fund was anchored by US-based HarbourVest Partners and European funds LGT Capital Partners and Pantheon Ventures.

The fund will enable the PE firm to maintain its stake in the National Stock Exchange (NSE). As per the investment major, the continuation fund has acquired ChrysCapital Fund VI’s stake in the stock exchange.

“The newly closed Continuation Fund has acquired a stake in the NSE. The stake originally belonged to ChrysCapital VI… ChrysCapital Fund VI first invested in NSE in 2016 and will continue as a significant, long-term shareholder in the company through the Continuation Fund,” said ChrysCapital in a statement.

The PE firm also claimed that the new continuation fund was “well oversubscribed” and is the “largest of its kind in India and ranks among the largest across the Asia Pacific”.

Founded in 1999 by Raj Kondur and Ashish Dhawan, ChrysCapital is an India-focussed PE firm that has raised more than $5 Bn till date across nine funds. It claims to have so far invested more than $4 Bn across 100+ deals and realised $7 Bn from 80 full exits. It counts startups such as Lenskart, IPO-bound Awfis, Dream11, and Xoriant in its portfolio.

The development comes days after industry body Indian Venture and Alternate Capital Association (IVCA) appointed ChrysCapital’s Ashley Menezes as the chairperson of its newly elected executive committee.

The fund close announcement comes amid a slew of new fund launches by VC and PE firms. Earlier in the day, IvyCap announced the close of its INR 2,100 Cr fund that saw commitments from multiple institutions, including IIT Alumni Trust and family offices.

Earlier this week, Oister Global launched an INR 440 Cr fund to back startups in the space of emerging technologies and other sunrise sectors in the country.

According to Inc42’s India’s Startup Investor Landscape Report 2023, India is home to more than 2,500 PE and VC firms. These investment firms raised more than $5 Bn worth of new funds in 2023 and another $18 Bn in 2022.