Canonicus Capital Announces Rs 192 Crore First Close of Special Situations Fund
Gurugram, November 13, 2026: Canonicus Capital has announced the first close of its Special Situations Fund at Rs 192 crore against a target corpus of Rs 500 crore, according to a press release issued by the company.
Launched in 2025, the new vehicle builds on the firm’s track record with Fund I, through which it raised and deployed Rs 311 crore. With this first close, Canonicus Capital’s cumulative fundraising across both funds has reached Rs 503 crore.
The fund operates on the Canonicus Method, an execution-led strategy that combines disciplined underwriting, structured capital solutions, and active on-ground engagement. The strategy is managed by a team of professionals from the Indian School of Business (ISB) and the Indian Institutes of Management (IIMs) based in the National Capital Region (NCR), who remain involved throughout the investment lifecycle.
Following the first close, the firm will focus on deploying capital into select opportunities across the NCR where disciplined capital allocation, strong governance, and active execution can unlock value, while continuing to raise funds toward its Rs 500 crore target. The release noted that Canonicus Capital’s international fundraising programme, which included roadshows across the Middle East and Singapore, was temporarily paused due to the West Asia conflict, though the firm plans to resume its international investor outreach as conditions improve.
As part of its expansion, Rajan Gupta has been promoted to Managing Director. He 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 first close and investment outlook, Rajan Gupta, Managing Director, Canonicus Capital, said, “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. 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 Rs 500 crore special situation fund target.”
