ChrysCapital closes $700M Continuation Fund; maintains stake in NSE

India-focused private equity (PE) firm Chrys Capital announced the final close of its $700 million Continuation Fund, anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures.

According to a statement, HarbourVest Partners and LGT Capital Partners led the structuring of the Continuation Fund, while UBS Private Funds Group served as the exclusive financial advisor to ChrysCapital. 

The Continuation Fund also acquired a stake in the National Stock Exchange (NSE) to maintain its position as a long-term shareholder in the Indian stock and derivatives exchange.

ChrysCapital, which first invested in NSE in 2016 from ChrysCapital VI Fund, offered the option to exit or roll the value to investors from the older fund as part of the new transaction. 

On Monday, Bahrain-headquartered Investcorp acquired NSEIT, the digital technology and cybersecurity arm of NSE, at an enterprise value of Rs 1,000 crore. 

Founded in 1998, ChrysCapital has so far raised more than $5 billion across nine funds. The PE firm claimed that it has invested nearly $4 billion in over 100 deals and has fully liquidated its first six funds with strong net returns to investors. 

The firm typically writes cheques between $25 million and $250 million. It has also announced the first close of its Category-3 open-ended AIF for investment in publicly traded companies.

More recently, the PE firm has backed growth companies across enterprise technology, financial services, consumer technology, manufacturing, healthcare, life sciences, and new economy companies. It recently acquired a minority stake in Ahmedabad-based pharmacy chain La Renon. 

ChrysCapital’s portfolio also includes D2C eyewear brand Lenskart, IPO-bound baby care and kids products brand FirstCry, and coworking space provider Awfis.