Mumbai-based private equity firm Kedaara Capital has raised $300m for its debut continuation vehicle, transferring partial stakes in Lenskart Solutions, the eyewear retailer preparing for a $1bn IPO, and Care Health Insurance into the new vehicle, according to a report by Bloomberg.

There report cites unnamed sources as revealing that the fund was priced above the net asset value of the original fund holding the assets.

Continuation vehicles have become a growing feature of Asia’s private equity landscape, offering GPs a way to secure partial liquidity while retaining exposure to high-growth portfolio companies. Asia accounted for more than 80% of continuation fund capital raised since 2020, according to the Global Private Capital Association.

The structure allows existing LPs to either roll their interests forward or cash out, while new investors come in alongside the GP.

Kedaara, backed by Clayton Dubilier & Rice, first invested in Care Health in 2020 and has been a multi-round investor in Lenskart since 2019. Lenskart, valued at over $5bn in private markets, is one of India’s most prominent consumer tech IPO candidates.