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Gurugram, Haryana: Canonicus Capital today announced the first close of its *Special Situations Fund at INR 192 crore, against a target corpus of INR 500 crore. Launched in 2025, the fund builds on the firm's track record with Fund I, through which Canonicus raised and deployed INR 311 crore.

Together with Fund I, the first close takes Canonicus Capital's cumulative fundraising across its two funds to INR 503 crore.

At the heart of the fund is the Canonicus Method, an execution-led approach combining disciplined underwriting, structured capital solutions and active, on-ground engagement. It is delivered by a team of professionals from the Indian School of Business (ISB) and the Indian Institutes of Management (IIMs), based in the NCR and actively involved throughout the investment lifecycle.

With the first close secured, Canonicus Capital will focus on deploying capital into carefully selected opportunities across the National Capital Region (NCR), while continuing to build towards its INR 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.

Leadership
As part of the firm's continued growth, Rajan Gupta has been promoted to Managing Director. Rajan played a key role in driving the fundraise and will continue to lead the firm's fundraising initiatives, investment strategy and execution. Commenting on the fund's first close and the investment outlook, Rajan Gupta, Managing Director, Canonicus Capital, said: “Raising commitments is only half the job. The INR 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.

The Canonicus Method is our strength – combining structured capital with an experienced, on-ground team actively involved throughout the investment lifecycle. We are not passive capital providers; we are execution partners.

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. We see opportunities to create value through disciplined investing and hands-on execution, while protecting investor capital and pursuing attractive risk-adjusted returns.
We remain focused on achieving our INR 500 crore special situation fund target.”