By Indulal PM and Stephen Aldred
MUMBAI/HONG KONG (Reuters) - 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 capital.
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.
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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.
(Editing by Anand Basu)