Home-grown private equity firm ChrysCapital has closed its Fund X of $2.2 billion—the biggest round of fund-raise to date—in just six months. This is a 60% increase over its previous fund of $1.35 billion (Fund IX) of 2022. According to the PE firm, the new fund has more than 30 new global investors, including  public pension funds, insurance companies, asset management firms, family offices, and other institutional investors from Japan, the Middle East, Southeast Asia, Europe, and the U.S. In a first, the fund also saw participation from Indian investors, especially institutional investors and large family offices. 

ChrysCapital is looking to deploy Fund X over the next three-four years, with several deals already in the pipeline, according to the firm. “Investors recognise that India represents one of the world’s most compelling long-term investment opportunities, underpinned by favourable demographics, rising consumption, rapid digital adoption, and supportive policy frameworks. With Fund X, ChrysCapital is well-positioned to back ambitious entrepreneurs with long-term patient capital value-creation and operational expertise,” said Gaurav Ahuja, Partner at ChrysCapital, in a statement.  

This large fund close comes at a time when the PE industry in India is seeing strong traction both in funding as well as exits. According to the latest data EY-IVCA Report, Q32025 recorded $11.7 billion in PE/VC investments, 20% higher than investments in Q32024 of $9.7 billion. Pure-play PE/VC investments (excluding real estate and infrastructure) reached $8.8 billion, up 25% year-on-year ($7 billion in Q32024) and 27% higher quarter-on-quarter ($7 billion in Q22025) accounting for 76% of total investments, The quarter also saw exits worth $13.7 billion, 61% higher than in Q32024 ($8.5 billion) and 172% higher than in Q22025 ($5 billion). Vivek Soni, Partner and National Leader, Private Equity Services, EY, expects the recent GST reforms and improvement in market sentiment to reduce the bid-ask spread between seller expectations and buyer valuations. “Progress on the U.S.-India FTA in November could further enhance foreign investor confidence. We maintain a cautiously optimistic outlook and will look at FPI flows into the Indian markets as a leading confidence indicator,” Soni said on the report findings.  

Across its 10 funds, ChrysCapital says it has raised close to $8.5 billion and invested more than $5.5 billion in over 110 deals. The firm’s investment focus remains on sectors such as Enterprise Technology, Financial Services, Healthcare, Consumer, New Economy, and Manufacturing. According to the PE firm, it has realised nearly 3X returns on its investments garnering nearly $7.8 billion from 80-plus exits.