Guest bio
- Philanthropist and former private equity investor, founder of Central Square Foundation and founder trustee of Ashoka University.
- Co-founded ChrysCapital in 1999, whose tenth fund, at $2.2 billion, is the largest India-focused private equity fund ever raised.
- Graduated magna cum laude from Yale, earned an MBA with distinction from Harvard Business School and worked at Goldman Sachs.
Ashish Dhawan is an Indian philanthropist and former private equity investor. Born in New Delhi in 1969 and schooled in Kolkata, he graduated magna cum laude from Yale in applied mathematics and economics, earned an MBA with distinction from Harvard Business School, and worked on Wall Street at Goldman Sachs and Wasserstein Perella. At 29 he returned to India and co-founded ChrysCapital in 1999; the firm has raised around $8.5 billion across ten funds, and its tenth, closed in 2025 at $2.2 billion, is the largest India-focused private equity fund ever raised. In his second career he founded Central Square Foundation, which works on foundational learning in government schools, is founder-CEO of The Convergence Foundation, and is a founder trustee of Ashoka University. He serves on advisory bodies at Yale and Harvard.
Show notes
What happens when one of India’s most successful private equity investors walks away at the peak of his career to spend the rest of his life building the country’s human capital?
In this episode of Money Majlis, Suvo sits down in New Delhi with Ashish Dhawan - founder of ChrysCapital, Ashoka University, Central Square Foundation and The Convergence Foundation - to unpack a remarkable journey from Wall Street returns to nation-building outcomes.
Ashish reflects on India’s dramatic rise as a core allocation in global private equity, why buyouts and high-quality exits are finally deepening the market, and how global capital is rotating out of China and into India’s growth story without diluting discipline. He explains what it takes to generate real alpha in a crowded PE landscape, why the best firms are now judged as much on governance and institution-building as on IRR, and how private capital can be a quiet force for better managed, more ambitious Indian companies.
The conversation covers India’s next frontier: deep tech and human capital. Ashish lays out why India cannot become a developed country on apps alone, why the new deep-tech fund-of-funds architecture could be as catalytic as Israel’s Yozma moment, and which themes in biotech, semiconductors, AI and advanced manufacturing he finds genuinely investible over the next decade. In parallel, he argues that India’s true superpower is its people - 23 million births a year - and explains why fixing foundational literacy and numeracy, expanding quality skilling, enabling labour mobility and unlocking women’s economic participation will determine whether “Viksit Bharat” (or “Developed India”) becomes a reality or stays a rhetoric.
Suvo and Ashish dive deep into the playbook behind The Convergence Foundation’s portfolio approach to nation-building, Central Square Foundation’s work on NIPUN Bharat and FLN at scale, and the bold experiment of Ashoka University as a collective-philanthropy, liberal arts-led “full university” rooted in Indian context yet globally benchmarked. Ashish is candid about the bumps on the road - from regulatory constraints in education and the debate over for-profit models to the tightrope of academic freedom and political reality - and shares the leadership lessons he would offer India’s new billionaires as they design their own philanthropy.
Along the way, we also meet the Kolkata schoolboy, the Ivy League dealmaker, the would-be travel guide and the relentless optimist who believes India can sustain China-style growth while remaining grounded in ancient wisdom and a renewed sense of purpose.
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