(Reuters) – India’s Kedaara Capital, co-founded by a former India head of Singapore sovereign fund Temasek Holdings, has raised $540 million for its maiden fund, it said on Friday, at a time when first-time funds in Asia are struggling to raise capital.
Kedaara is likely to add another $50 million to the fund from local investors, the former Temasek executive Manish Kejriwal told Reuters.
The private-equity firm was looking to raise about $500 million in the first fund to invest in late-stage growth capital and buy controlling stakes, sources with direct knowledge of the matter had said in July.
Canada’s Ontario Teachers’ Pension Plan is the anchor investor in the fund, while many sovereign and pension funds, family offices, fund-of-funds and endowments have also committed capital, Kejriwal 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,” he said.