Canonicus Capital raises Rs 192 Cr in its first close of Special Situations Fund

Investment platform Canonicus Capital has announced the first close of its Special Situations Fund at Rs 192 crore, against a target corpus of Rs 500 crore.

Launched in 2025, the Special Situations Fund builds on the work of Canonicus Capital's Fund I through which it had raised and deployed Rs 311 crore. Together with Fund I, the first close takes Canonicus Capital's cumulative fundraising across its two funds to Rs 503 crore.

In a statement, the firm had said it will focus on deploying capital into selected opportunities across the National Capital Region (NCR), while continuing to build towards its Rs 500 crore target. 

The fund will focus on situations where disciplined capital allocation, strong governance and active execution can help unlock value.

The firm's international fundraising programme, which included roadshows across the Middle East and Singapore, was temporarily paused due to the West Asia conflict. As conditions improve, Canonicus Capital plans to resume its international investor outreach and build on the momentum of the fundraise.

“Raising commitments is only half the job. The Rs 192 crore first close gives us the flexibility to approach the next stage with discipline, and our focus now is deploying capital prudently and delivering returns for our investors. We are not passive capital providers; we are execution partners," Rajan Gupta, Managing Director, Canonicus Capital, said.

“NCR is a competitive market, with significant capital competing for a limited pool of quality projects. Yet several fundamentally sound businesses and projects remain overlooked due to governance gaps, capital constraints and execution challenges,” he added.