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Firm of the Year – Mid Cap
(AUM – below USD 20bn)

ChrysCapital Partners

ChrysCapital Partners registered another landmark exit in late 2024 with the USD 840m sale of GeBBS Healthcare: it is one of the largest sponsor-to-sponsor exits by an Indian manager; it underlines the scale potential of the US-India tech corridor; and it returned 80% of the fund that made the investment. That was Fund VII. The sponsor was expected to close Fund X at the end of September at the institutional hard cap of USD 2bn, a new high watermark for Indian PE funds. Meanwhile, ChrysCapital extended its domestic buyout thesis from enterprise technology into consumer with bakery chain Theobroma Foods.

Creador

Creador launched its sixth Southeast Asia and India-focused fund in early 2024 able to point to distributions to paid-in of 1.7x from its 2015-vintage Fund III and an overall record of USD 2.3bn returned on USD 2.1bn invested. The firm carefully cultivated the LP base, proactively engaging with prospective new backers and luring others with no-strings-attached co-investment. The fund closed above target on USD 930m. Exits in the past 12 months include India-based Paras Healthcare, while new investments range from Indonesia’s MG Group and Vietnam’s Long Chau Pharma to India’s Edme Services, La Renon Healthcare, and APAC Financial Services.

Five V Capital

Five V Capital rounded off the last 12 months with the sale of investor services platform Automic Group to Advent International for a reported AUD 725m (USD 425m). This was one of two exits – alongside APP Corporation – for the Australia and New Zealand-focused firm’s private equity team, which also made five new investments in Digital Matter, Questas, BlastOne International, Unwelt, CriticalArc, and DyFlex Solutions. The latter three were under a new lower mid-market strategy, for which Five V closed a debut fund of AUD 325m (USD 220m). This sits in between the firm’s existing mid-cap buyout and venture capital offerings.

Pacific Equity Partners

Pacific Equity Partners (PEP) has a long history of carve-outs and take-privates, having completed 19 of the former and 10 of the latter. Two closed in the 12 months ended September 2025: an acquisition of FMH Group, the Australia-based logistics assets of Singapore Post, for USD 680m; and a USD 930m take-private of fleet management and vehicle leasing business SG Fleet. Another take-private – of building services player Johns Lyng Group – is pending. It will sit alongside FMH and SG Fleet in PEP’s seventh Australia and New Zealand-focused fund, which closed earlier this year above target on AUD 3.2bn (USD 2.1bn).

Quadria Capital

Quadria Capital closed its third India and Southeast Asia-focused healthcare fund on USD 1.07bn earlier this year, beating the USD 800m target and registering a significant uptick in institutional investor participation. Quadria also made its first foray into the GP-led secondary space, raising a single-asset continuation vehicle for out-of-hospital care provider HCAH, and rebooted venture-growth strategy HealthQuad, launching Fund III with a USD 300m target. The flagship new investment over the past 12 months is a USD 100m commitment to Aragen Life Sciences, which seen is seen as a near-term IPO candidate. NephroPlus, meanwhile, filed for an India IPO.