Indian PE firm Kedaara closes third fund at about $1.1b: report

Photo: Mint

India-focused, mid-market private equity firm Kedaara, an investor in AU Small Finance Bank and eyewear retailer Lenskart, has closed its third fund at about $1.1 billion, AVCJ reported on Thursday.

The firm began fundraising for Kedaara Capital Growth Fund III in June this year but did not specify the target amount for the fund. In July, the fund marked its first close at $221.45 million, receiving commitments from 13 investors, its filing with the US Securities and Exchange Commission showed.

Meanwhile, CRF recently disclosed that it had made a capital commitment of $3.6 million in Kedaara’s third fund. Kedaara didn’t name the limited partners (LPs) who contributed to the funds. However, one of the LPs is the University of Michigan, The Capital Quest reported.

Kedaara was launched in 2011 by former Temasek India head Manish Kejriwal in partnership with US private equity firm Clayton, Dubilier & Rice, and is backed by Indian business leaders and family-backed conglomerates. The firm raised a $750 million second fund in mid-2017, from which it invested in wholesaler Vishal Mega Mart, auto components firm Sunbeam Auto and small business lender Veritas Finance, among others.

The firm’s debut fund had raised $540 million in 2013.

Kedaara pursues control and minority investment opportunities in India, and has made 10 investments since 2014 across diversified verticals, including consumer and consumer derivatives, financial services, industrial, and healthcare.

With the latest fundraise, Kedaara’s third fund has become one of the largest PE vehicles in India.

Last month, Renuka Ramnath-led homegrown private equity firm Multiples Alternate Asset Management (Multiples PE) closed its third fund at $680 million to invest in mid-market companies in India. In January, Tata Capital Growth Fund II secured its final close at about $170 million while TVS Capital Funds, the private equity fund manager backed by the TVS and Shriram groups, has raised nearly $272 million in the final close of its third private equity fund.

Separately, another private equity firm Everstone is seeking to raise as much as $950 million for its fourth fund that will back companies in India and Southeast Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.