ChrysCapital Management has raised $2.2bn for its tenth private equity fund, marking both the firm’s largest-ever vehicle and the biggest India-focused private equity fund to date.

The latest fund is more than 60% larger than ChrysCapital’s previous one and brings in 30 new global investors from Japan, the US, and Europe, alongside growing participation from Indian investors, who contributed around 15% of the total capital.

With this fund, ChrysCapital “managed to attract a larger pool of investors, many of whom are investing for the first time in a country fund for private equity,” said Kunal Shroff, Managing Partner at ChrysCapital.

The Mumbai-based firm will invest up to $200m in each of 16-17 companies, with a significant share dedicated to buyout transactions. Target sectors include consumer, financial services, healthcare, pharmaceuticals, industrials, and technology.

ChrysCapital has now raised $8.5bn across ten private equity funds, a public markets vehicle, and a continuation fund. The firm has returned nearly $7.8bn to investors, delivering approximately 3x returns across 80 exits. Its early funds achieved dollar-denominated median returns in the high teens.

The fund close comes as Asian private equity managers contend with a tougher fundraising environment. However, ChrysCapital’s success underscores international confidence in India’s economic outlook and the resilience of its private equity market.

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