Key Highlights
- Multiples Alternate Asset Management raises $430M continuation fund for Vastu Housing Finance, Quantiphi, and APAC Financial.
- Global investors including HarbourVest, Hamilton Lane, LGT Capital, and TPG NewQuest back oversubscribed Multiples continuation fund.
- Led by Renuka Ramnath, Multiples continues to strengthen its portfolio in India's core growth sectors with follow-on investment potential.
Private equity firm Multiples Alternate Asset Management has accrued $430 million for a continuation fund to prolong investments in three qualified portfolio companies — Vastu Housing Finance, Quantiphi, and APAC Financial Services.
"This allows investors in Multiples Fund II to monetize their investments yet for the firm to continue holding high-performing assets," Multiples Alternate Asset Management said in its release.
Multiples Alternate Asset Management stated the continuation fund was oversubscribed by four global investors — HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest. Some investors in Fund II also rolled their investments into the new entity.
Vastu Housing Finance is focused on offering affordable housing credit, Quantiphi offers AI and digital engineering solutions and APAC Financial Services is an emerging financial platform with an increasing footprint in the country. The fund also has additional capacity for follow-on investments into all three companies.
Last year, ChrysCapital closed $700-million continuation fund anchored by HarbourVest Partners, LGT Capital Partners and Pantheon Ventures. The new fund allowed the private equity investor to maintain its stake in NSE where backers of the recent continuation fund also bought the stake from investors of ChrysCapital's Fund VI.
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Multiples is a multi-stage, sector-focused fund led by Renuka Ramnath, which invests in sectors that are core to India’s next level of growth and development: financial services; pharma and healthcare; consumer; technology; and most recently, the green economy. Multiples has successfully covered over 35 portfolios and has seen exits through IPOs, strategic sales, and secondary transactions. Some of its key investments include Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, TI Clean Mobility, and Zenex.
