Who we are

Founded in 1999, ChrysCapital is India’s largest and most established private equity firm. The firm uses its deep domain expertise to make growth and control investments in its core sectors, namely, Enterprise Technology, Financial Services, Healthcare, Consumer, New Economy, and Manufacturing.

Since inception, ChrysCapital has raised $5 billion across nine private equity funds, invested almost $4.5 billion in more than 100 investments, realized ~$7 billion across 80 exits, and fully exited its first six funds – all of which are industry-leading metrics in the context of Indian private equity.

ChrysCapital has delivered this track record by building a truly institutionalized firm that believes in disciplined investing by encouraging intellectual honesty and debate, developing deep expertise in its core sectors, and by being a true partner to its portfolio companies that believes in “leaning in” when times get tough.

ChrysCapital counts some of the world’s largest sovereign wealth funds, public and private pension funds, insurance companies, endowments, foundations, and asset management companies as its investors.

Our values


Above all, we value honesty and transparency in all we do, building trust at every step.

One team

With a democratic approach to decision-making, we ensure more pragmatic and thoughtful investments based on expertise built by investing over multiple cycles and not short-term trends.


A true spirit of partnership lies at the core of everything we do, whether with our investors, portfolio companies, partners, or other stakeholders.


We are focused on creating and delivering value to all our stakeholders over a long-term period, and have used that mindset to build our organization and invest.


We value diverse perspectives, fostering an environment where everyone is heard and respected.

Our journey

Our journey is more than just about numbers – it is about the value created and relationships built over the past two decades.

ChrysCapital VI carve-out

It becomes the largest ever fund raised by an India focused private equity firm.

ChrysCapital launches Clarus
  • ChrysCapital launches Clarus, its long-only fund focused on Indian public markets.
  • Raises ~$200 million from Indian family offices.
ChrysCapital IX is raised at $1.25 billion

It becomes the largest-ever fund raised by an Indian private equity firm.

ChrysCapital VI exits Infogain
  • Sells control investment in the Enterprise Technology segment to Apax for ~$900 million, delivering USD returns of 42% IRR / 6.5x.
  • The exit surpasses LiquidHub’s record of the largest-ever exit by an Indian private equity firm.
Fund VIII is raised at $867 million

Fund VIII is raised at $867 million.

LiquidHub is sold to CapGemini
  • LiquidHub is sold for ~$500 million, delivering USD returns of 40% IRR/3.8x.
  • It becomes the largest-ever exit by an Indian private equity firm.
Fund VII is raised at $600 million

ChrysCapital VII is raised at $600 million.

ChrysCapital invests in LiquidHub

ChrysCapital becomes the first Indian private equity firm to invest a significant stake in a US-based Enterprise Technology company.

Leadership transition

The firm’s leadership is fully transitioned away from Ashish to current partners, making ChrysCapital one of the few firms to manage a founder transition successfully.

Ashish Dhawan, Indian philanthropist

Founder Ashish Dhawan announces his decision to transition from ChrysCapital and focus on philanthropic interests.

Fund V is raised by the firm at $960 million

Fund V is raised by the firm at $960 million.

Fund IV is raised at $556 million

Delivers an IRR of 16% in USD terms despite facing the full impact of the global financial crisis.

Fund III raised at $258 million
  • Current Partner Sanjiv Kaul joins the firm to lead investments in Healthcare and Pharma.
  • Fund III will eventually deliver an IRR of 89% and TVPI of 4.0x in USD terms.
Exits its control investment in Spectramind
  • ChrysCapital exits its control investment in Spectramind – one of India’s first BPO companies.
  • Investment returns Fund I.
Fund II raised at $127 million

Expands focus into infrastructure and manufacturing services.

ChrysCapital is founded by Ashish Dhawan
  • Current Partners Kunal Shroff, Ashley Menezes, and Sanjay Kukreja are among the very first hires.
  • It raises its first fund of $64 million, focusing largely on investments in Tech/IT Services and Financial Services.