ChrysCapital’s biggest fund yet signals new global capital rush to India
For the first time since its inception, the firm has raised capital from Indian institutional investors and large family offices. The ChrysCapital X (tenth fund) marks a more than 60% jump from its $1.35 billion Fund IX that was raised in 2022.
Homegrown private equity firm ChrysCapital that has just raised its largest India-focused fund of $2.2 billion said that nearly half of it will go towards seeking buyout opportunities. With the latest corpus, ChrysCapital has added more than 30 new global and local firms to its investor base.
“Almost half of what we now invest is towards buyout opportunities. That is a function of how the market has developed in the last few years," Kunal Shroff, managing partner, ChrysCapital, said in an interview with Mint. The firm has also bulked up its expertise internally by hiring and bringing on board veterans with operating experience to be able to manage these controlled bets.
The firm will double down on opportunities across consumer, healthcare, financial services, enterprise tech and manufacturing sectors. “We are warming up to how we can do scale manufacturing bets and invest behind companies that are catering to the world."
Shroff says that the firm's sweet spot of investment lies between $75 million and $200 million.
“Very few private equity firms, globally and in India, have gone on to raise their tenth fund. The investor interest has been phenomenal. We have attracted newer names from markets such as the US, Europe, Middle East and Asia," Shroff said.
He said most of the 30 firms would be making their first India investment, signalling fresh capital pools opening up. These include public pension funds, insurance companies, asset management firms, family offices and other institutional investors. The final close of the fund comes as India cements its position as a rare bright spot in global investment markets, drawing sustained attention from global buyout firms even as activity slows in China and other emerging markets, the firm said.
The firm has for the first time raised capital from Indian institutional investors and large family offices. The ChrysCapital X (tenth fund), marks a more than 60% jump from its $1.35 billion Fund IX that was raised in 2022. The firm plans to deploy the new fund over the next three to four years.
Mint first reported the firm’s plans to raise the new fund in January 2024.
Since its inception in 1999, ChrysCapital has now raised close to $8.5 billion across ten private equity funds, a continuation vehicle, and its public markets fund. Through its private equity funds, the firm has deployed over $5.5 billion in more than 110 portfolio companies. It has returned around $7.8 billion through 80 exits so far at a 3.0x return on investments (ROI). The firm, said Shroff, is sitting on unrealized gains of another $8 billion.
Some of its past investments include, Intas Pharmaceuticals, Mankind Pharma, GeBBS Healthcare, Infogain, the National Stock Exchange and Awfis.
“We have seen that there is a significant wealth creation opportunity in India and there has been a lot of demand for investing in the unlisted space among family offices and institutional investors," Shroff said.
According to market intelligence platform Tracxn, recent deals by ChrysCapital in India include acquiring an 85% stake in premium bakery chain Theobroma (August 2025); leading an $80 million Series D funding round for The Sleep Company (August 2025); and investing in IL Jin Electronics India in a $136 million round (September 2025).
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