India's Kedaara Capital closes USD540 million for first time fund

By Marc Castro

Nov 08, 2013 01:13 PM EST

Kedaara Capital of India, which was co-founded by the former head for India of Singapore's Temasek Holdings, recently announced the accumulation of USD540 million for its maiden fund. The said announcement was made last Friday and it comes at a time when first time funds in Asia have been struggling to raise capital for investment purposes.

According to former sovereign fund Temasek Holdings executive Manish Kejriwal, in an interview with Reuters, Kedaara would be most likely adding another USD50 million to the said fund from local investors. Overall, the fund was seeking to raise USD500 million to invest in late stage growth capital market as well as purchase controlling shares. This was confirmed by sources with direct knowledge of the plans which were announced last July.

One of the primary investors is the Ontario Teachers' Pension Plan of Canada. It is joined by both sovereign and pension funds, family offices, fund of funds as well as endowments, according to the statement made by Kejriwal. 

He said, "We are doing an India buy-out strategy. And, (we) have a pretty experienced operating team with a stellar track record... something that gives more confidence to the investors."

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