India’s Multiples Alternate Asset Management, led by former ICICI Venture veteran Renuka Ramnath, Tuesday announced the closure of its continuation fund at $430 million.
The fundraising, which was significantly oversubscribed, was led by four global investors, including HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest, according to a company statement.
The development was initially reported by DealStreetAsia in April.
The continuation fund is set to acquire interests in three fast-growing private companies from Multiples Fund II, alongside additional follow-on capital, said the statement. These companies include affordable housing finance company Vastu Housing Finance Corporation, AI and digital engineering solutions provider Quantiphi, and financial services platform APAC Financial Services, the firm noted.
“This continuation fund allows us to deliver liquidity with certainty to our Fund II investors, while staying invested in businesses that embody the entrepreneurial mindset and the DNA that we deeply value,” said Sudhir Variyar, MD & Deputy CEO of Multiples.
Multiples made headlines early last year when it closed its fourth fund at around $800 million, roping in both foreign and domestic LPs, including prominent names such as the World Bank’s International Finance Corporation (IFC) and State Bank of India (SBI), besides CPPIB.
Before that, Multiples raised $680 million for its third India-dedicated PE fund in 2021.
Since its inception in 2009, Multiples has invested in diverse sectors such as financial services, consumer, healthcare and IT services, and textiles. It closed its second fund at $700 million in 2017, which included a $150-million co-investment pool. Its first fund was launched in 2011 with a corpus of $405 million.
Some of Multiples’ investments include ACKO, Delhivery, Dream Sports, Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, and TI Clean Mobility.
UBS Private Funds Group acted as the exclusive financial advisor for the transaction. Kirkland & Ellis LLP advised Multiples while Debevoise & Plimpton LLP acted for the lead investors of the continuation fund.
