ChrysCapital Management closed its latest private equity fund at $2.1bn, setting a new record for Indian buyout firms.

The fund, 66% larger than its previous $1.25bn raise in 2022, also surpasses the $1.7bn secured by Kedaara Capital last year.

An official announcement is expected in the coming weeks, though the final total could adjust due to last-minute investor commitments. The fundraising process, which started last year, was completed despite a global downturn in private equity fundraising.

According to Bain & Co, private equity firms raised $1.1tn in 2024, marking a 24% decline from the previous year. However, India remains a hotspot for private equity activity, drawing global investors eager to capitalise on its expanding stock market and rising private transactions.

ChrysCapital currently manages $5bn across nine funds and has generated over $7bn from more than 80 exits. North American pensions, endowments, and institutional investors have traditionally been the firm’s largest backers, alongside Singapore’s GIC and multiple Japanese investors.

The firm adopts a flexible investment strategy, acquiring both minority and majority stakes. It also collaborates with other firms on larger deals. ChrysCapital’s portfolio includes investments in the National Stock Exchange of India, eyewear leader Lenskart Solutions, and multi-specialty hospital chain KIMS Hospitals.

With this record-breaking fund, ChrysCapital strengthens its position as one of India’s most prominent private equity players, reinforcing global interest in the country’s high-growth investment landscape.