 "Multiples closes $430m continuation fund in landmark secondary deal")
Multiples Alternate Asset Management closed a $430 million continuation fund in one of India’s largest-ever portfolio secondary transactions, according to a company press release.
This allows the Renuka Ramnath-led private equity firm to retain ownership in three of its high-growth portfolio companies while delivering liquidity to existing investors in its second fund.
The deal, which was oversubscribed, was led by four global institutional investors, namely, HarbourVest Partners, Hamilton Lane, LGT Capital Partners and TPG NewQuest.
The continuation fund allows Multiples to roll over its stakes in Vastu Housing Finance, Quantiphi, and APAC Financial Services—firms operating across affordable housing finance, AI engineering and financial services, respectively.
‘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,’ said Sudhir Variyar, MD and Deputy CEO at Multiples.
The structure gives existing Fund II investors the option to exit or reinvest in the new vehicle. The fund also includes additional follow-on capital to support future growth of the three companies.
The firm has previously backed names including Delhivery, Licious, PVR and India Energy Exchange.
Multiples focuses on core sectors of financial services, pharma and healthcare, consumer and technology, and green economy. The firm has invested in 35 companies to date.
‘With a proven track record of successful exits – across IPOs, strategic sales, and PE-to-PE transactions – the continuation fund transaction further reinforces Multiples’ commitment to exit agility and maximising investor value,’ the company said.