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Kedaara Capital Investment Managers Limited
Kedaara Capital was established in 2006 by Manish Kejriwal, a former Goldman Sachs and Temasek executive, along with Nishant Sharma and Amit Chander.
Kedaara Capital Investment Managers Limited
Kedaara Capital was established in 2006 by Manish Kejriwal, a former Goldman Sachs and Temasek executive, along with Nishant Sharma and Amit Chander. The firm is structured as an India-focused private equity manager that raised its capital primarily from institutional investors such as sovereign wealth funds, pension funds, and family offices. It operates out of Mumbai and has no disclosed single-family wealth origin, positioning itself as an independent asset manager. Kedaara makes control and significant minority investments in Indian middle-market companies across consumer goods, financial services, healthcare, technology, and business services. The firm has built a portfolio of over 30 companies since inception, including notable stakes in the insurance sector, healthcare chains, and consumer brands. Geographic focus is exclusively India; the firm does not invest outside the country. Its approach combines operational improvements with strategic guidance, as is typical of Indian PE managers targeting buyouts and growth capital. As of 2023, Kedaara reports approximately $2.6B in assets under management (per public record). The team size is not publicly detailed, but the firm maintains a single office in Mumbai. It has been an active participant in India's equity markets, participating in follow-on offerings and secondary transactions. In recent years, the firm has seen exits through IPOs and strategic sales, reflecting the liquidity cycles in Indian private equity. As of last available reports, Kedaara is raising its next fund to continue its India-focused strategy. Kedaara's structural differentiator is its disciplined focus on the Indian middle market as a dedicated onshore manager, rather than operating as a regional arm of a global platform. This allows it to build deep local relationships and execute deals that multinational firms might overlook. The firm's succession structure is key-man based around the three co-founders, with a governance model typical of Indian PE houses.
General information
Firm type
Private Equity
Year founded
2006
AUM
Approximately $2.6B (per public record, 2023)
Location
Region
Asia
Country
India
City
Mumbai
Corporate office
Mumbai, Maharashtra, India
Principals
Manish Kejriwal
Co-Founder & Managing Partner
Nishant Sharma
Co-Founder & Managing Partner
Amit Chander
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Kedaara Capital?
Investment decisions are made by the three co-founders and managing partners: Manish Kejriwal, Nishant Sharma, and Amit Chander. Kejriwal previously worked at Goldman Sachs and Temasek before founding the firm. All three have been with the firm since its inception in 2006.
How does Kedaara source proprietary deal flow?
Kedaara leverages its deep networks in Indian industry, banking, and consulting to source proprietary opportunities. The firm's partners have decades of on-the-ground experience in India, which helps in identifying companies off the radar of larger global funds. Deal flow also comes from relationships with promoters and founders of existing portfolio companies.
Is Kedaara structured as a single family office or does it operate more like a venture firm?
Kedaara is a private equity asset manager, not a family office. It raises capital from institutional investors including sovereign wealth funds, pension funds, and family offices. It does not manage wealth for any single family and operates as a traditional limited partnership fund manager.
Does Kedaara participate in fund commitments or only direct deals?
Kedaara primarily makes direct private equity investments in India, taking control or significant minority stakes. The firm does not typically commit capital to external funds; its business model is direct investing.
What investment stages does Kedaara typically target?
Kedaara focuses on middle-market buyouts and growth capital investments in India. The firm targets companies with proven business models and strong market positions, usually seeking control or co-control alongside management. It avoids early-stage venture investing.
Which sectors does Kedaara explicitly avoid?
Kedaara does not typically invest in early-stage technology, real estate, or infrastructure. Its stated focus is on consumer, financial services, healthcare, and business services—sectors where it can apply operational improvement and strategic guidance.
Where does the underlying capital come from?
Kedaara's capital comes from institutional investors globally, including sovereign wealth funds, pension funds, endowments, and family offices. The firm does not manage proprietary family wealth; it is a fund manager with external limited partners.
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