Private equity firm ChrysCapital on Tuesday said it has closed a $700 million continuation fund. HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures were the main investors. The new fund was raised primarily to hold the previous fund’s investment in National Stock Exchange (NSE). The stake originally belonged to ChrysCapital Fund VI. ChrysCapital Fund VI first invested in NSE in 2016 and its fund life is coming to an end. Fund VI will continue as a significant, long-term shareholder in the company through the Continuation Fund, the fund manager said.
The transaction provided Fund VI investors an opportunity to monetise the performance on the investment, while allowing Continuation Fund investors the opportunity to invest in the exchange. As part of the transaction, Fund VI investors were also provided with the option to roll their value into the Continuation Fund, it said.
The transaction was oversubscribed and is the largest of its kind in the country and ranks among the largest across the Asia Pacific, it said.
HarbourVest Partners and LGT Capital Partners led the structuring of the Continuation Fund. UBS Private Funds Group served as the exclusive financial advisor to ChrysCapital. Cooley LLP advised ChrysCapital and Kirkland & Ellis LLP acted for HarbourVest Partners and LGT Capital Partners.