By Indulal PM and Stephen Aldred
MUMBAI/HONG KONG, July 10 (Reuters) - India's Kedaara
Capital, co-founded by Singapore-based sovereign fund Temasek
Holdings' former India head, is set to raise about $500
million, sources with direct knowledge of the matter said, at a
time when first-time funds in Asia are struggling to raise
The fund will invest in late-stage growth capital and buy
controlling stakes, said the two sources, who declined to be
named as the information was not yet public.
The fund will announce the "formal final close very soon,"
one of the sources said.
Kedaara Capital was co-founded by Manish Kejriwal, who
joined Temasek in 2004, before teaming up with two General
Atlantic Partners executives, Sunish Sharma and Nishant Sharma,
to set up the Indian venture.
Kejriwal was not immediately available for comment.
Temasek's India investments under Kejriwal included those in
Bharti Airtel, India's biggest cellular carrier, Coal
India, the world's largest coal miner, GMR Energy and
the National Stock Exchange.