ChrysCapital

Funds managed

Fund nameAsset ClassLicense
ChrysCapital Fund 8PE/VC (Stage agnostic)overseas fund?
ChrysCapital Funds 1-7PE/VC

About the AMC

  • ChrysCapital was founded in April 1999 by Ashish Dhawan and is based in Port Louis, Mauritius with additional offices in New Delhi, India; Ebene, Mauritius; and Mumbai, India.
  • ChrysCapital is a private equity and venture capital firm specializing in later stage, management buy-outs or buy-ins, co-investments, public equity, PIPEs, growth capital in private and listed companies, and special situations including carve outs, joint ventures.
  • It makes investments in companies based in or focusing on India and United States.
  • ChrysCapital has total 8 funds, has completely exited first 5 funds.
  • Aum- $4 billion, 80+ investments , 65+ exits.
  • ChrysCapital unveils $850m new fund in 2018 largest till date. https://economictimes.indiatimes.com/industry/banking/finance/ChrysCapital-unveils-850m-new-fund-largest-till-date/articleshow/67173541.cms
  • Key Staff
    • Sanjay Kukreja,partner & CIO, holds MBA from IIM Bangalore
    • Kunal Shroff- MPat Chryscap ,he has been with ChrysCapital since November 1999 and is the Managing Partner at the firm. He manages the organization, leads the client relations function and also plays a critical role across all sectors, overseeing and assisting the various sector teams. Kunal was previously at Chilton Investment Company where he covered technology stocks, and at Goldman Sachs in their principal investment area in New York where he focused on private equity and mezzanine investments. He received a BS in computer science with magna cum laude honours from Cornell University. Menezes
    • AshleyMenezes, partner & COO has been with ChrysCapital since March 2000 and oversees target company diligence, regulatory / industry relationships and the middle office for finance, administrative and client relations. Previously, he was with KPMG, in its information technology and U.S. GAAP practices. Ashley was involved in the ADR issues and NYSE / NASDAQ listings of several leading Indian companies. Ashley is a rank-holding Chartered Accountant and received a Bachelor’s degree in commerce from Mumbai University.
    • Gaurav Ahuja- MD at ChrysCapital, prior work experience- senior financial analyst at Lazard Freres, USA,  prior to that financial analyst at Merrill Lynch.
    • Raghav Ramdev, director at ChrysCapital hold an MBA for MDI.

Investment Philosophy (for firm)

  • The firm focuses on the business services, information technology, consumer goods and services, financial services, real estate, healthcare (with a focus on pharmaceuticals, medical diagnostics and devices), infrastructure, power, and digital and manufacturing sectors.
  • The firm invests between $10 million and $300 million in companies with revenues ranging between $50 million to $1 billion and enterprise value between $25 million and $200 million.
  • Long term view for an investment (5-7 years); able to withstand down cycles.
  • It generally acts as a minority investor, but readily invests in control positions particularly in management buy-outs.

The firm prefers to take a board seat in its portfolio companies. It also assists with acquisitions and capital markets financing.

  • Focus on sectors where we have deep domain knowledge and an extensive
  • Collaborate with entrepreneurs and business groups to add sustainable value
  • Minority as well as control deals, ranging from $25-250 million; ability to syndicate larger deals
  • Help management to improve operational performance by leveraging our domain expertise.
  • Enabling the companies to develop their strategy- acquisition, fundraising , product/ geographic expansion etc.
  • Connecting businesses, making customer introductions and assisting in recruitments

“I think the one theme we want to touch upon, we would like to invest in companies that want to go public”- says Sheth, VP at ChrysCapital.

“Focus on business services; consumer goods and services; financial services; pharma, healthcare sectors, and are stage agnostic with focus in India.”- says Sanjay Kukreja, MP at ChrysCapital

Media

MMI Interview, January 2019

MMI interview with Ashley Menezes of ChrysCapital, January 2019

Topic/Title-PE firm ChrysCapital to buy out Capital International’s stake in Intas Pharmaceuticals, Date- May29,2020

https://www.moneycontrol.com/news/business/companies/exclusive-pe-firm-ChrysCapital-to-buy-out-capital-internationals-stake-in-intas-pharmaceuticals-5335641.html

“Homegrown private equity firm ChrysCapital has moved to increase its exposure in Ahmedabad-based Intas Pharmaceuticals, one of India’s most valuable unlisted pharma firms and one of its oldest portfolio companies. “ChrysCapital has struck a deal with Capital International Private Equity to buy out the latter’s 3 percent stake in Intas Pharma,” a person  familiar with ongoing negotiations told Moneycontrol.”

“According to its website, ChrysCapital’s existing portfolio in healthcare and lifesciences segment includes Chennai-based skincare products firm Curatio Healthcare & Hyderabad-based research firm GVK Bio. Intas Pharma has explored the IPO route earlier but put the listing plans on hold due to market conditions. It is a vertically integrated global pharmaceutical formulation development, manufacturing, and marketing company. It has set up a network of subsidiaries, under the umbrella name of Accord Healthcare to operate in global markets.”

Topic/Title-How was ChrysCapital’s exit from listed IT services firm? Date – May29,2020

https://www.vccircle.com/how-was-ChrysCapital-s-exit-from-listed-it-services-firm

( couldn’t access the page)

Title- The decade of AI: ChrysCapital boss says AI will be used more practically & across sectors in coming yrs, Date-Feb2020

https://economictimes.indiatimes.com/magazines/panache/the-decade-of-ai-ChrysCapital-boss-says-ai-will-be-used-more-practically-across-sectors-in-coming-yrs/articleshow/73899861.cms

“AI is going to be big in the next decade. The artificial intelligence sector is going to have a huge impact across industries – not just commerce. Health, national security, cyber security, food security, education and global warming are all areas where AI is set to a big leap into”.
“When I say, AI, I don’t mean just technology companies using it. Every sector so that every company using AI can augment themselves into helping themselves get more efficient. I think in the next decade all sectors will start using AI in a more practical and more useful manner.” – says Sheth, VP at ChrysCapital. Apart from AI, Sheth says another theme he hopes for is that more companies go public. “I think the one theme we want to touch upon, we would like to invest in companies that want to go public,” he added.


Topic/Title-ChrysCapital unveils $850m new fund, largest till date, Media platform name-ET, Date-2018

https://economictimes.indiatimes.com/industry/banking/finance/ChrysCapital-unveils-850m-new-fund-largest-till-date/articleshow/67173541.cms

“India’s oldest private equity firm ChrysCapital is raising a new fund of at least $850 million, people with direct knowledge told TOI. The fund, which will be ChrysCapital’s eighth and would be one of its largest to date, is expected to close in the first quarter of next year.
The fund size could go up to $950 million with the firm’s four partners also planning to contribute $50-100 million, the people added. ChrysCapital filed documents regarding the latest fund with the US Securities Exchange Commission some days ago.
The fresh capital-raise by ChrysCapital will take the total money raised so far to over $4 billion. The firm has received commitments worth over $1.6 billion, or nearly two times the targeted fund-raise of $850 million. ChrysCapital declined to comment on the report.”

Title- ChrysCapital’s Sanjay Kukreja Dishes Out The Fund’s Investment Strategy, Media Platform- Entrepreneur India, Date- 2018

https://www.youtube.com/watch?v=PJy9vqJaYFM

ChrysCapital is focuses on the following sectors – business services; consumer goods and services; financial services; pharma, healthcare, but stage agnostic with the focus of investing in India. ChrysCapital looks into the following condition before investing- leadership, governance, energy level, capital, mode of business & sector of focus, scalability, margin of safety.

Topic/Title-ChrysCapital may infuse Rs 400 crore in Federal Bank’s NBFC arm, Date-2018

https://economictimes.indiatimes.com/industry/banking/finance/ChrysCapital-may-infuse-rs-400-crore-in-federal-banks-nbfc-arm/articleshow/62713231.cms

“MUMBAI: Home-grown private equity fund ChrysCapital is in advanced negotiations to invest about Rs 400 crore to acquire a 26% stake in Fedbank Financial Services, a wholly-owned unit of Federal BankNSE -1.05 %, a development which signals a continuation of last year’s trend of private equity deluge into financial services companies in the country.”

Title- ChrysCapital raises $600M from GIC and other investors, Date-2017

https://tech.economictimes.indiatimes.com/news/corporate/ChrysCapital-raises-600m-from-gic-and-other-investors/57271928

Home-grown private equity outfit, ChrysCapital, has raised a seventh fund accumulating $600 million from investors such as the Government of Singapore Investment Corporation (GIC) and Harvard Management Company.

Founded by Ashish Dhawan, ChrysCapital witnessed a management transition five years ago when Dhawan decided to step down and pursue other interests. Kunal Shroff, a veteran who had been with the fund since its inception, stepped into Dhawan’s role eventually and now leads the firm.

The core team of the fund comprises Shroff, who is the Managing Partner and three other partners including former Ranbaxy executive Sanjiv Kaul, Sanjay Kukreja and Ashley Menezes. ChrysCapital is also an investor in IPO-bound National Stock Exchange of India (NSE).

Title- PE firm ChrysCapital marks final close of seventh fund, Date-2017

https://www.vccircle.com/pe-firm-ChrysCapital-marks-final-close-seventh-fund/

ChrysCapital has raised over $600 million for its seventh fund – ChrysCapital VII – from its long-standing limited partners (LPs) such as Singapore’s sovereign wealth fund GIC, Asia Alternatives and Harvard Management Company, the private equity firm said. New marquee LPs including global insurance companies, university endowments and family offices also contributed to the fund, it said without naming any of them.

“This will make ChrysCapital the only Indian private equity firm with five fully realised funds and its $4.5 billion of realisations would represent a disproportionately large piece of the Indian private equity industry’s total realisations,” it noted.

Analyst questions

  • ChrysCapital is India’s largest domestic private equity player, why don’t you have AIF cat2 license?
  • How do you attract foreign capital in India, why do they invest in India, and why do they invest in your fund?
  • What return (alpha+beta) should an investor expect while investing in your fund?
  • What is your contribution in the fund, where do you add most value- entry, operation or exit?

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