Dinesh Tiwari has handed in his notice at JP Morgan where he heads the firm’s private equity activities in India and will instead join Multiples Alternate Asset Management as a partner, a source close to the latter firm has confirmed.
Tiwari will join Multiples, where he will sit on the firm’s investment committee, in “no later than two months”, the source added.
It is not clear who will replace Tiwari at JP Morgan, which was unavailable for comment at the time of going to press.
Tiwari brings the number of partners at Multiples, which was established in June 2009, to four. The firm’s ex-ICICI Ventures founder Renuka Ramnath was first joined by her ex-colleague Sudhir Variyar, investment director. The third partner is managing director and chief financial officer Prakash Nene, who was formerly the group director of Bharti Enterprises, an Indian business conglomerate with interests in telecom, agribusiness, financial services, retail and manufacturing.
In April, Multiples held a first close on $250 million for its maiden fund, which is targeting commitments of $400 million and has a hard cap of $450 million.
Anchor investors in the Multiples Private Equity Fund include international investors Canada Pension Plan Investment Board (CPPIB), which has committed up to $100 million to the fund, and UK government-backed fund of funds CDC Group; and domestic investors Indian Overseas Bank and Andhra Bank.