Indian PE firm ChrysCapital closes $700m fund to retain stake in NSE

Private equity (PE) firm ChrysCapital on Tuesday said it has closed its continuation fund at $700 million and acquired a stake in the National Stock Exchange (NSE), a move which will let India’s homegrown firm hold onto its stake in India’s leading stock exchange.

The stake in NSE originally belonged to ChrysCapital VI, when it first bought a 5% stake in the company in 2016.

The fund is anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures and will let “continue as a significant, long-term shareholder in the company”, the firm said in a statement.

“The transaction provided Fund VI investors an opportunity to monetise the performance on a highly successful investment while allowing continuation fund investors the opportunity to invest in India’s leading stock exchange and the world’s largest derivatives exchange.” the firm said in a statement.

As part of the transaction, Fund VI investors were also provided with the option to roll their value into the continuation fund.

On Monday, Investcorp agreed to buy NSEIT, the digital technology business of India’s NSE, for Rs 1,000 crore ($119.85).

ChrysCapital is one of the largest PE firms in India. Since its inception in 1999, it has raised over $5 billion across nine funds and has seen several successful cycles of investments and exits. Its ninth fund was closed at $1.4 billion last year.

In total, ChrysCapital has closed over 100 deals to date and has returned about $6.5 billion to LPs. Its portfolio companies include engineering solutions provider QuEST Global, Bandhan Mutual Fund, Hero FinCorp, and Mankind Pharmaceuticals.

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