Kedaara is run by Temasek, General Atlantic executives
New fund backers include Cleveland Clinic sources
Existing backers include Canadian, Singapore investors

MUMBAI, Feb 28 Reuters Kedaara Capital is set to raise 1.7 billion for what would be India39;s biggestever private equity fund, two people with direct knowledge of the matter said, highlighting huge interest in the country39;s fastgrowing economy amid a shift away from China.

The latest fund will be Kedaara39;s fourth and will be 54 larger than its previous one in 2021.

The plans come as India39;s stock markets are trading at record highs. While there have only been a handful of significant Indiaspecific PE funds to date, they are growing in size. Kedaara, founded in 2011 by former Temasek and General Atlantic executives, is one of India39;s bestknown buyout funds.

About 80 of the fund will come from backers of Kedaara39;s previous funds and 20 will come from new ones that include U.S based Cleveland Clinic and the University of Minnesota, the sources said.

They declined to be identified as the discussions were private.

Kedaara declined to comment. Cleveland Clinic and the University of Minnesota did not respond to queries seeking comment.

The fund will likely invest in sectors such as banking, healthcare, consumer and software and it will seek both minority stakes and buyout deals, the sources said.

Kedaara plans to announce the fund by the end of March and is currently finalising documentation with its…