Cat II · Managed by Kedaara Capital
Building Sustainable, Market-Leading Enterprises.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Kedaara Capital is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/12-13/0020), registered in November 2012 as the inaugural fund of Kedaara Capital Advisors LLP (LLPIN: AAA-6840, incorporated 11 December 2011) — one of India's most prominent operationally-oriented private equity firms. Co-founded by Manish Kejriwal (formerly of Temasek Holdings, McKinsey), Sunish Sharma, and Nishant Sharma (both formerly of General Atlantic, McKinsey), Kedaara was established with a minority stake from Clayton, Dubilier & Rice (CD&R) — the pioneering global PE firm whose investment model blends financial skills with operating expertise. This SEBI AIF registration (IN/AIF2/12-13/0020) corresponds to Kedaara Capital Fund I, the firm's first domestic fund vehicle registered with SEBI. Subsequent funds are structured as: Fund II ($750M, 2016), Fund III ($1.08B, 2020–21, LEI LLPIN 'Kedaara Capital Growth Fund III LLP'), and Fund IV ($1.73B, closed April 2024 — India's largest India-focused PE fund close). Total AUM managed or advised by the investment team is approximately $5.6 billion across all vintages. The investment manager is registered at Unit No. 2301, 23rd Floor, Altimus, Pandurang Budhkar Marg, Mumbai 400018. The SEBI Fund I registration address was at Sunshine Tower, Parel, Mumbai 400013 — the earlier office before the move to Altimus, Worli. Kedaara has 68 team members, 35 portfolio companies, and 11 IPOs across its fund vintages.
Manish Kejriwal
Founder and Managing Partner
Manish co-founded Kedaara Capital in 2011 with Sunish and Nishant. Prior to founding the firm, Manish had launched the India office for Temasek Holdings Pte Ltd (“Temasek”), in 2004, which was Temasek’s first presence outside of Singapore. As head of India, not only did he lead all the investment and divestment activity, but also built out the entire team and took on select government initiatives on behalf of Temasek and various portfolio companies like Singtel, Singapore Airlines. During this time, Temasek invested over US$4 billion in India. Manish was a Senior Managing Director and also held multiple responsibilities in Temasek Singapore. He was a core member of its senior leadership team and a key member of Temasek’s Investment Committee and Management Committee (called Senior Investment & Divestment Committee – SIDC, and Senior Management Committee – SMC, respectively). During 2007-2008, he was also empowered by the CEO to lead all of Temasek’s investments in Financial Services globally. Manish was also tasked to lead Temasek’s early investments in Russia, Africa and the Middle-East (including a JV with the Oppenheimer family to launch the Tano Fund for investments in sub-Saharan Africa). Manish brings over 30 years of industry experience, encompassing the full cycle of private equity across financial services, consumer/consumer tech, healthcare services and technology and tech services. He has made investments in both private and public companies. While at Temasek he also invested as an LP in private equity funds. Prior to Temasek, Manish was a Partner at McKinsey & Company, Inc. (“McKinsey”) and was part of their New York, Cleveland and Mumbai offices. He helped found “The Private Equity Practice” during his years in New York and was instrumental in conceiving and co-authoring the widely followed “NASSCOM McKinsey reports”. Prior to McKinsey, Manish had worked at the World Bank in Washington D.C. and with Goldman Sachs (Principal Investment/Corporate Finance) in Hong Kong. Manish received an AB from Dartmouth College where he graduated Magna Cum Laude with a major in Economics and Engineering Sciences and where he received the Dean’s Plate. He holds a Master of Business Administration from Harvard University, where he graduated with high distinction as a Baker Scholar. Manish is currently the lead independent director at Bharti Airtel, on the boards of Bajaj Finserve Limited and Bajaj Holdings Investment Limited, and various Kedaara investee entities/companies. Over the years he has been on the boards of various companies: Parksons Packaging, Mindspace, Alembic, Temasek Holdings Advisors India, Bharti Infratel, Fullerton Financial Holdings, ICICI OneSource, and AFH India Credit Company. He also drove the investments in NSE, ICICI Bank, Mahindra & Mahindra, Tata Sky, Bharti Infratel, Merrill Lynch and Standard Chartered Bank when he was at Temasek. He is on the Investment Committee, LP committee and Portfolio Committee at Kedaara, and plays a critical role in leveraging his wide network to introduce new investments (e.g. Mahindra Logistics, other), drive divestments (e.g Bill Forge, other) and mentor the new cadre of leaders in the investment and admin team, as the founders institutionalize the firm. Finally, Manish is passionate about driving a few select education initiatives reflected by his ongoing involvement in the United World College movement, as a founder trustee at Ashoka University and as a former member of the Harvard Alumni Board. He is an active member of the Young Presidents’ Organization (YPO) and was named a Young Global Leader (YGL) by the World Economic Forum. Manish served as the Chair of the CII National Committee on Private Equity and Venture Capital and had also served as a member of the Alternative Investments Policy Advisory Committee, constituted by SEBI. He was profiled as one of the “25 hottest young executives in India” by Business Today. He has authored various articles on private equity in India and has been profiled in various newspapers and periodicals. He is a sought-after speaker at numerous conferences in India, Asia and North America.
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Sunish Sharma
Founder and Managing Partner
Sunish co-founded the firm in 2012 along with Manish and Nishant. Prior to founding Kedaara, Sunish served as a Managing Director at the global private equity firm, General Atlantic (“GA”), where he was one of the most senior members of the India investment team since early 2004 and the second employee hired in the Mumbai office. Over the course of almost eight years at GA, Sunish played a critical lead role in the majority of GA’s investments, and played a key role in building GA’s local Indian investment program into a $1 billion invested capital by late 2011. Sunish has 28 years of industry experience primarily encompassing the full life-cycle of private equity in India across financial services, consumer, business services & technology, healthcare, and industrial sectors, and across private and public markets. He has led investments, managed the portfolio and successfully divested investments over this period. Prior to GA, he worked as a management consultant at McKinsey in India for over six years. He spent the majority of his time on strategic issues serving several Indian and multi-corporation clients on multiple engagements and M&A transactions. Sunish is a gold medalist from Indian Institute of Management, Calcutta where he did his Master of Business Administration after graduating with honors from Delhi University. Sunish also holds a cost accounting degree. Sunish currently serves on the board of / led the investments in Axtria, R1 RCM, Porter, Impetus, Dairy Day, K12, Avanse, Neurealm, Purplle, Lenskart, Vedant/Manyavar, Spandana, Ajax and Care Health Insurance. In the past, he has served on several other boards / led investments in Mahindra Logistics, Manjushree, Bill Forge, Hexaware Limited, Indusind Bank, Jubilant Lifesciences, Cyient Limited, and IBS Software Services Limited amongst others. Sunish strongly believes education is the best way to give back to the society, and is one of the Founders of Ashoka University, a philanthropic initiative to provide a liberal education on par with the best universities around the world. He is also one of the founders of Young India Fellowship, launched in 2011 in collaboration with University of Pennsylvania’s School of Engineering and Applied Sciences to develop change agents for India through a multi-disciplinary programme. He was profiled as one of the “25 hottest young executives below 40 in India” by Business Today, the leading business magazine in India. Further, in the 20th anniversary issue of Business Today, he was also profiled as one of the Top 20 professionals which represent the future of Indian Business, “The Next Big Guns”. He has also been profiled as one of “Asia’s 25 most influential people in private equity” by Asian Investor. He has spoken at various conferences on private equity in the region.
Nishant Sharma
Founder and Managing Partner
Nishant co-founded the firm in 2012 along with Manish and Sunish. Nishant has over 17 years of industry experience primarily encompassing the full life-cycle of private equity in India across a variety of industries and across private and public markets. He has led investments, managed the portfolio and successfully divested investments over this period. Before founding Kedaara, Nishant served as a Principal and one of the core members of the India investment team at GA, a leading growth-oriented global private equity firm. He co-led GA’s investments across financial services, healthcare, business services and technology, including investments in IndusInd Bank, Jubilant Lifesciences and IBS Software, among others. Prior to GA, Nishant worked at McKinsey and focused on the technology services, financial services, healthcare and government sectors. In addition, he worked at the Bill & Melinda Gates Foundation, helping set up the largest HIV/AIDS prevention program in India. Nishant serves on the board of directors of Aavas, AMI, Vishal Megamart, UNS, Oasis, ASG, Oliva and served on the boards of Veritas, Vijaya and AU SFB having led these investments for Kedaara. Nishant is a member of the Mumbai chapter of the Young Presidents’ Organization (YPO). Nishant has been profiled as one of India’s hottest business leaders by Economic Times under the 40 under forty awards. Nishant received a Master of Business Administration from Harvard Business School, and a Dual Degree (B.Tech & M.Tech) in Biochemical Engineering and Biotechnology from the IIT Delhi.
Anant Gupta
Partner
Rishiraj Khajanchi
Partner and COO
Sumit Gupta
Managing Director
Aashwit Mahajan
Managing Director
Saakshi Gera
Managing Director
Ashutosh Sardesai
Director
Rahul Mehta
Director
Kshama Jain
Director
Nishant Naveen
Principal
Kartikey Gupta
Principal
Vidur Suri
Principal
Nishit Dedhia
Principal
Saurabh Pinjani
Senior Vice President
Vikas Kumar
Senior Vice President
Purav Shah
Senior Vice President
Sanket Jaibhaye
Senior Vice President
Rutuj Shah
Vice President
Vishal Agrawal
Vice President
Ronak Palod
Vice President
Vedaant Sikka
Vice President
Diksha Bahl
Vice President
Kabir Narula
Associate
Suraj Bagla
Associate
Pranjal Singh
Associate
Priyansh Changoiwala
Associate
Kiran Manral
Associate
Ruthu Sanketh
Associate
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