Mumbai-based private equity firm Kedaara Capital is closing in on raising $1.7bn for its fourth private equity fund, which, if achieved, would make it India’s largest ever buyout fund and 54% bigger than its predecessor PE vehicle, according to a report by Reuters.
The report cites sources with direct knowledge of the matter as confirming that about 80% of the fund will come from backers of Kedaara’s previous funds, with the other 20% coming from new investors including US-based Cleveland Clinic and the University of Minnesota.
With India’s stock markets currently trading at record highs, the fund will likely target both minority and control investments in a range of sectors including banking, healthcare, consumer, and software, according to Reuters’s sources.
Investors were reportedly interested in committing over $2bn to the new fund but Kedaara decided to cap it at $1.7bn to ensure it is able to effectively deploy the funds.
