ChrysCapital Raises Record $2.2 Billion Fund, the Largest Ever by an India-Focused PE Firm

ChrysCapital Seals US $2.2 Billion Fund X, Largest Ever for India-Focused PE Firm

Mumbai, 5 November 2025 – Home-grown private equity powerhouse ChrysCapital has announced the successful final close of its tenth fund, Fund X, at US $2.2 billion — the largest amount raised by an India-focused private equity firm to date.

This latest raise represents a remarkable leap of more than 60 % compared to its previous Fund IX of US $1.35 billion in 2022.In doing so, ChrysCapital has eclipsed its domestic peer Kedaara Capital, which closed its Fund IV at US $1.73 billion in the prior year.

Investor Confidence and Strategic Momentum

In its public announcement, ChrysCapital stated that Fund X builds on its long-standing commitment to partner with established companies “to drive sustainable growth, operational excellence, and value creation that delivers meaningful impact for investors.”

Crucially, the firm noted that the final close was achieved within six months of its first close — highlighting strong investor confidence despite a challenging global macro and fundraising backdrop.

Managing Partner Kunal Shroff remarked that reaching Fund X is a major milestone — “very few firms in private equity in Asia have reached this milestone with their own fund time.” He emphasised that it signals consistency of returns and investor trust.

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India’s PE Opportunity: Still Early Days

In his comments to the media, Shroff stressed that while the US $2.2 billion figure is significant, ChrysCapital believes it is still only scratching the surface of the market opportunity in India. He said their current share of the opportunity set is in the single digits, underscoring that “we are nowhere close to arrive in terms of what the opportunity set is.”

He went on to note a structural shift in the Indian private equity landscape: companies are increasingly transitioning from minority‐stakes to significant minority or control deals — meaning that a company that once might raise a US $100 million deal could now be the target of a US $300-million deal. This dynamic is driving PE growth to outpace overall GDP growth in India.

Deal-Size Strategy and Deployment Focus

Despite raising a larger fund, ChrysCapital is signalling that it will not substantially change its deal-ticket range. Shroff confirmed that Fund IX’s typical sweet spot of US $75 million to US $200 million per deal will continue in Fund X. He noted that deals in excess of US $500 million are “too small for the globals and too large for the locals …” hence this sweet spot remains appealing.

That discipline suggests the firm will maintain the scale where it has historically competed well, while leveraging the increased fund size for greater depth, co-investments and portfolio support.

Broader Track Record and Growth Journey

Founded in 1999, ChrysCapital has built a substantial footprint in the India private equity market. According to its website, the firm focuses on growth and control investments across enterprise technology, financial services, healthcare, consumer, new economy and manufacturing sectors.

By latest public figures, the firm has raised close to US $8.5 billion across ten private equity funds, a continuation vehicle and a public markets fund. It has deployed over US $5.5 billion into more than 110 portfolio companies and achieved returns from 80+ exits, returning nearly US $7.8 billion to investors at a multiple of about 3.0x.

This long track record, combined with the new fund size, positions ChrysCapital as a major lever in the next phase of India’s private equity maturation.

What This Means for the Market

• For India’s PE ecosystem: The record-setting Fund X signals deepening investor appetite and increasing confidence in India’s growth trajectory, particularly in the buy-out / control segment.

• For corporates and entrepreneurs: The larger war-chest reinforces the ability of domestic firms to access meaningful capital without having to rely exclusively on global players.

• For global investors: The blend of global and Indian institutional capital (ChrysCapital for the first time is raising significant Indian investor participation) points to a more balanced and mature LP base.

• For deal-flow dynamics: The stated ticket-size focus means the firm will remain active in meaningful mid-market control and growth deals — bolstering the growth of that segment in India.

Looking Ahead

While the US $2.2 billion final close is headline-worthy, ChrysCapital’s messaging emphasises that this is a stepping stone rather than a full destination. With India’s private equity market still in a rapid growth phase, the firm will now face challenges of deployment discipline, exit planning, value creation and navigating macro headwinds.

That said, the successful raise and investor momentum will likely give ChrysCapital a valuable advantage in sourcing, executing and scaling investments in the coming years — as companies shift from minority stakes to control transactions and private equity plays an increasing role across India’s corporate growth story.

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