Kedaara Capital to raise $1.7-B Fund

Kedaara Capital is set to raise USD 1.7 Billion for what would be India's biggest-ever private equity fund. The fund, Kedaara's fourth, will be 54% larger than its previous one in 2021. About 80% of the fund will come from backers of Kedaara's previous funds and the rest, from new LPs including US-based Cleveland Clinic and the University of Minnesota. Investors in Kedaara's previous funds include Canada's Ontario Teachers Pension Plan and German insurer Allianz.The fund will invest in sectors such as banking, healthcare, consumer and software. It will seek both minority stakes and buyout deals.Kedaara's three previous funds raised a combined USD 2.4 Billion between 2011 and 2021 which was invested in 27 companies including eyewear-retailer Lenskart and Mahindra Logistics. Two of Kedaara's portfolio companies - education lender Avanse and software firm Perfios - are preparing for stock listings.