Mumbai-headquartered Multiples Alternate Asset Management has raised $250 million for the first close of its maiden fund targeting commitments of $400 million and with 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.
This is the first India-focused fund backed by CPPIB, Multiples said in a statement.
Most of the limited partners in the first close are domestic investors, Sudhir Variyar, investment director at Multiples, told PEI Asia. Many investors came in early in what was “a good domestic show of endorsement,” he added. A larger share of the capital the firm raises now will come from international investors.
Multiples has got substantial traction from investors and is fairly confident of reaching its $450 million hard cap, Variyar said. He added that while the hard cap was $450 million, the firm was not overly concerned about whether it reached $400 million or $450 million and was keen to shift the focus on investments.
The fund is expected to see a final close in six months’ time, Renuka Ramnath
, managing director and chief executive officer of Multiples, told PEI Asia. It is a sector-agnostic fund and will target long-term growth investments in mid-sized Indian companies, management-led buyouts and spin-offs of assets by large Indian conglomerates.
“I look forward to building Multiples as a bridge between providers of long-term risk capital and the new generation of capital hungry entrepreneurs in India,” Ramnath said.
Ramnath established Multiples in June 2009 after her resignation from Indian private equity firm ICICI Venture in April the same year, where she was managing director and chief executive officer.
Variyar, who was formerly a senior director at ICICI Venture overseeing the firm’s investments in the financial services and energy sectors, joined Ramnath last year.
Other senior members of the team include 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; and investment principal Nithya Easwaran, who was formerly the head of structured finance and private financing at Citibank in Mumbai.