India’s homegrown private equity (PE) firm ChrysCapital is seeking to raise as much as $300 million for a new fund to retain its minority stake in India’s National Stock Exchange of India (NSE), Bloomberg reported on Tuesday.
The PE firm is working with a team at UBS Group AG for a so-called continuation fund that will give it more time and capital to hold its investment in NSE, the report said.
ChrysCapital bought a 5% stake in NSE in 2016 and wants to hold its investment till the bourse goes public.
Depending on how many investors opt in, ChrysCapital is expected to collect between $250 million and $300 million for the fund. Plans could still change, including the size of the fund, the report said.
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.
“There are a lot of opportunities in India…When you look at the deals we have done, you will spot a lot of mid-sized good companies that have been reasonably good players in their industries with tremendous growth potential,” Kunal Shroff, Managing Partner & co-founder of ChrysCapital, had earlier told DealStreetAsia.
“We invest in companies when we feel we can add more value than the entrepreneurs,” he had said at the Asia PE-VC Summit 2023 in Singapore.
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