Manish Kejriwal

Manish Kejriwal is an Indian business executive and private equity investor.[1] He is the founder and managing partner of Kedaara Capital, an India-focused private equity firm.[2] Prior to founding Kedaara in 2011, he was the head of the India office for Singapore's state-owned investment company Temasek Holdings[3] and a partner at McKinsey & Company.[4][5][6][7] Business media have described him as a prominent private equity investor in India,[8] and in 2023 he became the first India-based private equity fund manager to be listed on the Hurun India Rich List.[9][10]

Early life and education

Kejriwal was born on 8 November 1968. He attended Lester B. Pearson College of the Pacific, part of the United World Colleges movement in Canada, where he completed the International Baccalaureate diploma. He went on to Dartmouth College in the United States, graduating magna cum laude with a degree combining economics and engineering sciences. He later earned an MBA from Harvard Business School, where he was a Baker Scholar.[11][12]

During his studies, he worked as a summer intern at the World Bank in Washington, D.C., and at Goldman Sachs in Hong Kong.[4]

Career

McKinsey & Company

Kejriwal joined McKinsey & Company in the early 1990s. He initially worked in the firm's New York and Cleveland offices before returning to India to help establish its strategic practice in Mumbai.[13] He was elected a partner and advised clients internationally across sectors including financial services, consumer products, and industrial goods.[14] During his tenure, he was involved in conceiving and co-authoring the "NASSCOM McKinsey Report," an analysis of India's information technology industry.[13]

Temasek Holdings

In 2004, Kejriwal joined Temasek Holdings to establish and lead its India office in Mumbai.[15][14][16] He oversaw Temasek's investments in India and, at times, parts of its global financial services portfolio.[17][18] Major transactions during his tenure included a US$2 billion acquisition of a 5% stake in Bharti Airtel and the 2006 purchase of nearly 10% in Tata Teleservices (Maharashtra). Under his leadership, Temasek committed over US$3 billion to more than a dozen Indian investments within four years, spanning telecommunications, financial services, and infrastructure.[3]

He served on the boards of portfolio companies such as Bharti Airtel and Fullerton India Credit Company and participated in international forums on long‑term investing.[19][20][21]

In September 2011, Temasek announced that Kejriwal would step down as its India head to pursue launching an independent, India-focused investment fund.[22][23]

Kedaara Capital

Founding

In 2011, Kejriwal founded Kedaara Capital alongside Sunish Sharma and Nishant Sharma, both formerly of General Atlantic.[11] The firm was established as an India-focused private equity manager, with global investment firm Clayton, Dubilier & Rice (CD&R) taking a minority stake and providing operational collaboration.[3][24] Kedaara's first fund, Kedaara Capital Fund I, closed in 2013 with approximately US$540 million in commitments.[25]

Funds and investment activity

The firm raised its second fund in 2016 and its third in 2021. In May 2024, Kedaara announced the final close of its fourth fund, Kedaara Capital Fund IV, at about US$1.74 billion.[26] By 2025, the firm managed over US$6 billion in assets across its funds.[26]

Kedaara typically invests in established, mid-market companies across consumer, financial services, healthcare, and technology sectors. Its strategy includes taking both controlling stakes and significant minority positions. Notable investments have included Mahindra Logistics, Aavas Financiers, and PharmaZell.[27] The firm has realized exits through initial public offerings (IPOs), such as that of India Shelter Finance Corporation in 2023, and strategic sales.[27]

Investment philosophy

In media interviews, Kejriwal has described Kedaara's approach as focusing on working with management teams, operational changes and corporate governance, rather than seeking to win auction processes solely by offering the highest price.[1] He has stated that the firm targets businesses with identifiable cash flows and prospects for profitable growth, and that it generally avoids turnaround situations.[1] Commenting on market cycles, he has said that after 2021 private equity investors in India showed greater discipline on valuations, with capital becoming more concentrated in larger, established businesses.[1][28][29]

Other professional roles and affiliations

Kejriwal has served as an independent director on the boards of several publicly listed Indian companies, including Bajaj Finserv, Adani Ports,[30] and Alembic Pharmaceuticals. He has participated in regulatory and industry advisory committees. He was a member of the Securities and Exchange Board of India's (SEBI) Alternative Investment Policy Advisory Committee, which advises on regulations for private equity and venture capital funds.[31] He has also served on committees of the Confederation of Indian Industry (CII) related to the financial sector. Kejriwal is a member of the Young Presidents' Organization (YPO). He was selected as a Young Global Leader by the World Economic Forum in 2008 and participated in the Forum's "Future of Long-Term Investing" working group.[32]

Philanthropy and advisory work

Kejriwal is a founder trustee of Ashoka University, a private, non-profit liberal arts university in Sonipat, Haryana. He has also served on the international board of the United World Colleges (UWC) movement.[33]

Public profile and commentary

Kejriwal has been featured in Indian and international business media since the mid-2000s. A 2006 Business Today profile on his work at Temasek described him as a "billion-dollar dealer," referring to the size of investments he oversaw,[34] and a 2008 profile in Mint presented him as part of a generation of Indian deal-makers guiding global capital into India.[4]

In a 2024 interview, he discussed themes including trust, mentorship and intellectual honesty, and argued that sustained performance and integrity were necessary to maintain confidence among investors and portfolio companies.[1][35] In a 2025 personal finance interview with Mint, he characterised his journey as moving "from greed to giving" and emphasised disciplined saving and the use of simple financial products.[36][37][38]

Recognition

In the mid-2000s he appeared in features profiling younger corporate executives in India.[4][39] He has been cited in international forums and industry publications as a representative of Indian private equity at global conferences.[40]

In 2023 the Hurun India Rich List recorded that, with an estimated wealth of ₹3,000 crore, he was the first India-based private equity fund manager to be included in the list.[9][41]

In 2024, he participated as part of a 13-member jury for the Economic Times "40 Under Forty" initiative, which reviews and selects young business leaders.[42][43]

Personal life

Kejriwal married Sunaina Bajaj (1971–2024), an art curator and director of the Kamalnayan Bajaj Hall and Art Gallery in Mumbai. She was the daughter of industrialist Rahul Bajaj. The couple had two sons and lived in Mumbai. Sunaina Kejriwal died on 5 October 2024 after a prolonged illness.[44]

References

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  2. ^ Balakrishnan, Reghu. "BS People: Manish Kejriwal & Sunish Sharma". Business Standard.
  3. ^ a b c Balakrishnan, Reghu. "Former Temasek India head Manish Kejriwal begins second PE innings". Archived from the original on 2018-10-25. Retrieved 2025-12-05.
  4. ^ a b c d "Manish Kejriwal | Playing it by instinct". mint. 2008-04-05. Retrieved 2025-12-06.
  5. ^ Anand, Shefali (2012-04-23). "Indian Private Equity at Crossroads". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-12-05.
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