Firm of the Year – Mid Cap
(AUM – below USD 10bn)

ChrysCapital Partners

ChrysCapital Partners took India secondaries to a new level in April 2024 on raising a USD 700m single-asset continuation vehicle for its position in National Stock Exchange of India. Exiting investors received a 6x return. The firm, which recently launched its ninth fund, also closed a large-cap buyout – the USD 1.26bn acquisition of HDFC Credilla, executed with EQT – and continued its traditional mid-cap activity. Healthcare has been a sweet spot in the year, with investments in La Renon Healthcare and Centre For Sight. An exit of US-based software player GeBBS Healthcare Solutions was announced but has yet to close.

Five V Capital

Five V Capital has continued its strategy expansion over the past 12 months, launching a growth-stage strategy while building out its evergreen offering. Existing strategies remain in rude health, with the firm’s fifth Australia and New Zealand-focused mid-cap buyout fund closing at the hard cap of AUD 770m (USD 525m) in December 2023. New investments – made from Five V’s venture and buyout strategies – included payments platforms OrbitRemit and Fat Zebra, allied health provider Habit Health, workflow management business 1Breadcrumb, cloud infrastructure player Dataweavers, and radiopharmaceutical specialist Cyclotek. In addition, the firm exited Totara Learning Solutions via a trade sale.

Kedaara Capital

Kedaara Capital closed its fourth fund – the largest private equity vehicle raised for India by an independent manager – in April 2024 with USD 1.74bn in commitments. It exceeded both the USD 1.5bn target and the USD 1.08bn raised for Fund III. Kedaara continues to pursue control and minority investments, and there have been one of each in the past 12 months: the firm acquired a majority stake in Dairy Day Ice Creams and joined a growth round for eyewear retailer Lenskart. It also agreed to exit its position in Aavas Financiers through a tender offer at a USD 1.7bn valuation.

Pacific Equity Partners

Pacific Equity Partners (PEP) has grown its assets under management to AUD 12bn (USD 8.1bn) – the largest of any Australian manager – with the further development of its private equity, secure assets, capital solutions, and private wealth-focused Gateway strategies. In private equity alone, the firm launched Fund VII in March 2024 with a target of AUD 3bn and is said to have accumulated commitments of AUD 2bn within four months. The first investment – industrial supplies distributor Atom – was completed in May 2024 and warehoused. Meanwhile, Fund VII backed FirstCape, a New Zealand wealth management business PEP formed through two separate carve-outs.

Sunrise Capital

Sunrise Capital – formerly CLSA Capital Partners – closed its fifth Japan mid-market fund at the hard cap of USD 500m in May 2024 after less than five months in the market. The re-up rate was 96%. Sunrise raised USD 450m for Fund IV and completed deployment earlier in 2024 with acquisitions of food retail player Hiiragi Holdings, tutoring business Shinkyoiku Sogo Kenkyuka, cake maker Qu’il Fait Bon Holdings, and used car exporter Be Forward. The first Fund V investment, StrategyTec Consulting, closed in September. Meanwhile, the firm secured exits from wedding player Dears Brain Holdings and contact lens maker Lcode.