New Delhi, June 10 -- Faced with private market valuations that have failed to mirror the price corrections in public markets, homegrown private equity major Kedaara Capital is adjusting its investment pace and raising underwriting standards for new acquisitions.

"In a higher pricing scenario, we sell more and buy less," Manish Kejriwal, founder and managing partner of Kedaara Capital, told Mint in an interview.

"When you pay more for an asset, you must take less risk and the bar rises. An investment committee that tolerated five risk factors now accepts only one or two. Instead of approving 10 deals, you may only approve three or four," he said.

The firm is therefore intensifying its due diligence processes to separate structural econ...