Chrys Cap, Kedaara prepare their biggest funds ever

livemint.com:

₹500 crore towards the first close of the category-3, open-ended AIF. A ChrysCapital spokesperson did not respond to a request for comment. Kedaara Capital may announce the final close of the fund over the next few months, one of the two people cited above said.

“The firm has already started marketing the fund and is likely to raise the fund in the first half of the current calendar year," the person said. Manish Kejriwal-led Kedaara has so far backed companies such as Perfios, Mahindra Logistics, AU Small Finance Bank, Bill Forge, Aavas Financiers and Vedant Fashions. It has so far raised three funds of $535 million, $800 million and $1 billion, according to alternative assets data provider Prequin.

The firm, which invests in consumer, financial services, pharma and healthcare companies, may cut larger cheques of $150 million from the new fund, the person added. Kejriwal did not comment on the fund, but stated that Kedaara has been deploying larger sums. “Last year, we deployed above $450 million in equity from our existing funds across five deals/companies in India.

We also provided our limited partners an opportunity to co-invest more than $125 million alongside us in our deals, which were mostly proprietary in nature. This is the highest we have deployed in any one calendar year since we started operations 12 years ago," Kejriwal said. “Our cadence to deploy capital in India has gone up significantly given the increased size of our team—we have invested heavily in enhancing both our investing team and our operating teams," he added.