Multiples Alternate Asset Management announced on Tuesday that it has closed a $430 million continuation fund. This is one of the biggest portfolio deals ever in India.
The company said the deal was very popular and had more interest than expected. It was led by four major global investors: HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.
This deal gave Fund II investors a chance to get returns from their earlier investments. Some of these investors also chose to put their money back into the new continuation fund.
The continuation fundraised money to buy shares in three private companies that were part of Multiples Fund II. It also raised extra funds to support their future growth. These companies are Vastu Housing Finance, Quantiphi (which offers AI and digital tech solutions), and APAC Financial Services, a growing financial services company.
“Across every fund vintage, Multiples has prioritised providing financial returns and liquidity to our investors. 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. Multiples’ journey with all three companies originally began with a strong belief in the entrepreneurs,” said Sudhir Variyar, MD and Deputy CEO of Multiples.
Multiples is a private equity firm focused on India. So far, it has invested in 35 companies. It mainly supports key areas like pharma and healthcare, consumer products, technology, and, lately, green energy.
It has invested in startups like Delhivery, a logistics company; PVR, a chain of movie theaters; and Licious, a meat delivery service, among others.
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