After cutting 100 private equity deals in the Indian market in over two decades, homegrown private equity fund ChrysCapital is diversifying into public market investing, through a dedicated alternative investment fund (AIF).
The new platform, called Clarus, has hit a first close of around Rs500 crore for its maiden fund in a month from its launch, said senior executives of the PE firm. It is a category-3, open-ended fund.
“In the last five years, less than 10% of the dollars we have deployed has been on the public side. And as the Indian private equity market has evolved and matured to be growth and buyout focused, we asked ourselves if we want to abandon our capability on the listed side or do we build on it,” said Chryscapital managing partner Kunal Shroff. “If you look at the more mature economies, there are different asset classes; there will be a separate asset class for your AIF equivalent, a separate asset.