India-Based Private Equity Fund Managers: An Overview – April 2016

by Andre Bally

  • 06 Apr 2016
  • PE

Preqin’s Private Equity Online tracks 221 private equity fund managers that are based in India. Nearly half (48%) of these GPs have established their offices in India’s financial center, Mumbai, while a significant proportion are based in Bangalore (15%) and New Delhi (10%). Collectively, these managers have raised approximately $25bn in aggregate capital over the past 10 years and have an estimated $8bn in available dry powder. Unsurprisingly, Mumbai-based GPs alone have raised 67% ($17bn) of total capital, and possess an estimated 73% ($5.8bn) of the uncalled capital in the country. In comparison, GPs based in New Delhi and Bangalore have raised $3bn and $2bn respectively.

It is clear that India-based GPs have a strong preference for newly established or growing companies; in terms of investment preferences, nearly three-quarters (74%) of India-based fund managers will target venture capital investments, with 42% focusing on growth strategies and 17% targeting buyout opportunities.   

The vast majority (71%) of India-based fund managers seek investment opportunities solely in their domestic market. Of the remaining GPs that are looking outside India, a significant proportion (15%) are targeting investment in other Asian regions as well as in the US (8%).

The top three India-based private equity fund managers account for a fifth of the total aggregate capital raised over the past 10 years. ChrysCapital is the largest private equity fund manager in India, having secured $1.8bn in investor capital, while Everstone Capital and India Value Fund Advisors have each raised $1.7bn over the past 10 years. Founded in 1999, ChrysCapital targets growth investments in India and is currently fundraising for its seventh vehicle, ChrysCapital VII, which has a target size of $600mn.

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