India’s Multiples Alternate Asset Management, led by former ICICI Venture veteran Renuka Ramnath, is eyeing a continuation fund with a target corpus of $300-400 million, Mint reported.
The fund, which will include assets such as Vastu Housing Finance, APAC Financial Services Private Limited, and Quantiphi, is expected to roll out in the next few weeks, the report stated.
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 Canada Pension Plan Investment Board (CPPIB), International Finance Corporation (IFC), and State Bank of India (SBI).
Before that, Multiples raised $560 million for its third India-dedicated PE fund in 2019.
Since its inception in 2009, Multiples has invested in diverse sectors such as financial services, consumer, healthcare and IT services, and textiles, among others. 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.
Multiples PE currently manages assets worth around $3 billion across 29 companies in three funds.
While Multiples counts logistics unicorn Delhivery and fantasy sports platform Dream 11 among its portfolio firms in the startup category, it has also clocked a host of traditional investments such as South Indian Bank and PVR Cinemas.
Other investors looking at a continuation fund in India are IndiaQuotient, Kae Capital, WestBridge Capital, and Lightbox.
