The Indian private-equity firm ChrysCapital has successfully closed its 10th fund — named “Fund X” — at $2.2 billion, marking the largest India-focused PE fund ever raised. The new corpus represents a more than 60% increase compared with its previous fund (Fund IX), which stood at US $1.35 billion in 2022.

Key Highlights

• ChrysCapital raised a record $2.2 billion, marking the largest India-focused private equity fund ever.
• The fund targets 15–16 investments across financial services, healthcare, technology, and consumer sectors in India.

The fundraising process reached its final close in just six months after the first close — a rapid pace given challenging global macro conditions and muted fundraising across the PE industry. The firm said this pace demonstrates strong investor confidence in its strategy and India’s growth trajectory.

The LP base for Fund X includes over 30 new global institutional investors — pension funds, insurance companies, asset managers and family offices from Japan, the Middle East, South‐East Asia, Europe and the U.S. — and, for the first time, Indian institutional investors and large family offices also participated.

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ChrysCapital said the fund will continue to target its core sectors — consumer, healthcare, financial services, enterprise and industrial technology — investing in companies with scale, leadership and solid exit prospects. Deal sizes are expected to remain in the US $75-200 million range. The fund will be deployed over the next three to four years and the firm expects to make 15-16 new investments, up from its usual 11-13 deals.

With this successful fundraise, ChrysCapital strengthens its position among India’s leading alternative-asset players and reinforces the broader trend of global capital showing faith in India’s long-term investment potential.