ChrysCapital has closed its tenth private equity fund at $2.2 billion, setting a record for India’s PE industry — and marking a milestone moment as the firm opens to domestic investors for the first time.
The fund, ChrysCapital X, represents a 60% jump from its $1.35B predecessor and surpasses the previous $1.7B record set by Kedaara Capital in 2024.
🇮🇳 India’s Capital Maturity Moment
For the first time, 15% of ChrysCapital X came from Indian institutional investors and family offices — a sign of rapidly rising domestic wealth and capital sophistication.
“We haven’t done this in our prior nine funds. But wealth in India is rising very rapidly,”
said Gaurav Ahuja, Partner at ChrysCapital.
Global LPs from Japan, the Middle East, Europe, Southeast Asia, and the U.S. also participated, with the U.S. remaining one of the largest bases.
📈 Scale and Strategy
- $8.5B+ total AUM across 10 PE funds, a public markets fund & a continuation vehicle
- $5.5B+ invested in 110+ portfolio companies including Theobroma, FirstCry, KIMS Hospitals, Lenskart, NSE
- Target: 15 new investments @ $140M–$150M average ticket
- Focus: Tech, financial services, healthcare, and consumer sectors
🌍 The Bigger Picture
As global deal activity cools in China, India has emerged as the Asia-Pacific growth engine for global PE giants like KKR, Blackstone, and Temasek.
ChrysCapital’s record raise signals more than scale — it marks the coming of age of India’s domestic capital base in the global private equity ecosystem.