Indian private equity firm Kedaara Capital is on target to hit its $500m target for its inaugural vehicle, it is understood.
The firm, which was co-founded by former Temasek India head Manish Kejriwal, is very close to a final close according to Reuters, which cited sources with direct knowledge of the matter.
Kejriwal launched Kedaara alongside former General Atlantic executives Sunish and Nishant Sharma.
A report last October by the Economic Times newspaper said the fund had already gathered up to $325m of commitments.
The Mumbai-based firm was formed in partnership with US buyout group Clayton, Dubilier & Rice, and is also backed by Indian business leaders and family-backed conglomerates.
The firm targets corporate divestitures of under-managed or non-core business units within large Indian-family conglomerates, aiming for emerging sector leaders in areas such as consumer, financial and business services, pharmaceuticals/healthcare and agriculture/resources.
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