Multiples Raises USD 430 Million 'Continuation Fund' - India PE News

Mumbai, May 27 (PTI) Domestic private equity entity Multiples Alternate Asset Management on Tuesday announced that it has raised USD 430 million in a 'continuation fund', which will allow the entity to stay invested in three portfolio companies and also provide liquidity to some of its investors.

The capital raise has been led by four global investors including HarbourVest Partners, Hamilton Lane, LGT Capital Partners and TPG NewQuest, according to a statement.

The continuation fund raised capital to acquire interests in three fast-growing private companies from Multiples Fund II, alongside additional follow-on capital, it said.

Typically, a PE fund has a defined time period by which all the investments are exited and the investors get the returns. Some of the investors in the Fund II have chosen to re-invest in the continuation fund, the statement said.

Three companies in which the PE will continue to stay invested include the mortgage lender Vastu Housing Finance Corporation, AI and digital engineering solutions provider Quantiphi, and financial services platform APAC Financial Services.

"Across every fund vintage Multiples has prioritized providing financial returns and liquidity to our investors," its managing director and deputy chief executive Sudhir Variyar said.

"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," Variyar added.

Multiples invested in the three companies with a strong belief in the entrepreneurs, Variyar said, stressing that the three entities have scaled significantly and also attracted strong investor interest.

"Vastu, Quantiphi, and APAC represent long-term growth platforms, and we remain excited about their journey ahead," Variyar said.

The Multiples statement said the continuation fund, a rarity in the Indian PE space, saw over-subscription.