It was a rare evening at the Four Seasons hotel in Mumbai on April 16. ChrysCapital, India’s largest independent homegrown private equity firm completed ten years. It was a happy coincidence that the firm decided to host the first of its two anniversary bashes in Mumbai, the city of its birth and somewhat troubled past. The second one comes up on April 29 in New Delhi, its current headquarters.
The not so long journey from a $64 million, Silicon Valley style venture capital fund in 1999 to a $1.25 billion private equity fund in 2007, has been eventful to say the least. Starting with the now well documented fallout between founders and Harvard Business School buddies Ashish Dhawan (in photo) and Raj Kondur to changing the business model from venture capital to private equity to sticking to their guns on PIPEs (private investment in public equity) despite being labeled quasi private equity investors, it has certainly never been boring to track ChrysCapital.
When I walked into the party on the 33rd floor of the Four Seasons at half past eight, it was well underway. I think I spotted Raj Kondur among the guests, though I lost him in the bustle. Somebody later confirmed that he was indeed on the invitee list. Portfolio companies, bankers and consultants rubbed shoulders with the big and small from Mumbai’s private equity circuit – Blackstone, Temasek, General Atlantic Partners, Aditya Birla Private Equity, Kotak Private Equity and Matrix Partners among others. And, of course, the ChrysCapital team led by Dhawan were out in full force. The present senior team, which includes Brahmal Vasudevan, Sanjiv Kaul, Gulpreet Kohli, Ravi Bahl and Kunal Shroff, has hung together for most of the ten years. All, except Shroff, are based in New Delhi.
The private equity business is going through a tough time now, primarily on account of the stock market crash, but that didn’t seem to dampen spirits that evening. I don’t reckon people talked a lot about exits, but one other topic did seem to be on almost everyone’s mind – “Has Renuka Ramnath quit ICICI Venture?” The rumours had been around since morning and I was quite amused to note the very brief but tangible hush in the room when the lady herself walked in later in the evening. That bit of news is still in the air amidst speculation on whether she is headed to Kohlberg Kravis Roberts (KKR) or will set up her own venture. I hope it is the latter.
Meanwhile, I’m also waiting for ChrysCapital to announce its next big move. It could clinch its first buyout deal or announce the rumoured $3 billion mega fund for which it is believed to have sounded out its investors – this is completely unconfirmed. Either way, bigger things are yet to come from Suite 101 at the Oberoi New Delhi, ChrysCapital’s headquarters.
Photo Courtesy: ChrysCapital
