From Discipline to Purpose: Manish Kejriwal on Building Kedaara Capital
“From greed to giving”—that’s how Manish Kejriwal describes his evolution with money. The Founder and Managing Partner of Kedaara Capital joined Mint’s Neil Borate on the Let’s Mint Money podcast to share candid reflections on disciplined investing, building one of India’s leading private equity firms, and embracing simplicity in personal finance. Watch the full episode below,
Early Experience with Debt Shaped His Approach
Kejriwal spoke openly about a tough period early in his career when he faced personal financial liability after signing guarantees for his family’s business interests. He described this episode as deeply formative.
“Because of that experience, I developed a very strong bias against personal debt,” he said. “Even when we finally bought a house in 2013—almost 20 years after I started working—it was with no mortgage. That philosophy of avoiding personal guarantees and keeping things simple has stayed with me throughout.”
Learning the Art of Investing at Temasek
After starting at McKinsey, Kejriwal joined Temasek to help establish its India office—an experience he credits with teaching him how to invest.
“I learned the art of investing there,” he said. “We had an incredible seven or eight years. I hired every person there from the janitor to the investment team.”
He also cited Temasek’s then-CEO Ho Ching as a major influence. “I haven’t seen anyone smarter or more strategic,” he said. “She gave me the opportunity to set up their first office outside Singapore.”
Founding Kedaara Capital
After Temasek, Kejriwal co-founded Kedaara Capital. He said the idea of starting his own firm was compelling but came with significant risk.
“As a consultant you think bankers make a lot of money. As a banker you think PE guys make a lot of money. The ultimate nirvana is starting your own firm—but that involves a hell of a lot of risk,” he said.
He also described the challenge of launching the firm.
“Raising the first fund is the toughest thing to do. It took us almost 2.5 years to raise about $540 million,” he said.
Focus on Control and Discipline
Kedaara Capital is known for its disciplined approach, favouring control-oriented, late-stage private equity investments over venture capital.
“Retail investors put alternatives in one bucket, but alternatives are very complex,” he explained. “A good PE guy doesn’t necessarily make a good VC.”
He contrasted PE’s steady, cash-flow-based strategy with VC’s higher-risk, higher-failure-rate model.
“We do boring manufacturing, bricks-and-mortar businesses. We expect each return to give us between 3x to 5x over four to five years, with 25–35% IRR,” he said. “VCs need to take much more risk and expect flameouts.”
Simplicity in Personal Spending
Kejriwal described how his relationship with money evolved over time.
“In the earlier part of my career, making money was very important,” he admitted. “But about 15 years ago, something switched. I stopped caring about things like which car I showed up in.”
He shared examples of his more minimalist approach today.
“We used to have a Maybach—it’s sitting in the garage. Now I drive an MG. My son calls me the Uniqlo dad because all my clothes are Uniqlo.”
Fees, Alignment, and Manager Selection
Kejriwal also discussed his approach to public market investing, emphasizing cost-consciousness and alignment.
He supported the advisory model of wealth management. “It has to be, for me, pure advisory fees. Any model which involves a commission on stuff sold, is frankly, for me, a panacea for the industry.”
“I’m very sensitive to gross and net,” he said. “If I’m paying a fee—whether it’s management or performance—the alpha has to exceed that. Otherwise, it’s not worth taking.”
He said he prefers ETFs for their low cost until he finds a manager he trusts.
“I believe in the power of compounding. Till I find a good manager, I keep money in ETFs,” he said.
