May 28, 2025: Multiples Alternate Asset Management (Multiples) , an India-focussed private equity on Tuesday announced the close of its $430 million continuation fund to acquire interests in three private companies from Multiples Fund II, alongside additional follow-on capital, the asset management firm said.
Besides, this latest transaction facilitated Fund II investors to cash in on their investments in portfolio companies, and select Fund II investors also re-deploy in the continuation fund.
These companies include Vastu Housing Finance Corporation, Quantiphi, an AI and digital engineering solutions provider, and APAC Financial Services, an emerging financial services platform.
Multiples was founded in 2009 by Renuka Ramnath, emerging from a vision to create a highly respected, sustainable and successful institution focused on alternate asset investments in India.
Multiples Continuation Fund Well Oversubscribed
Multiples has invested in 35 ventures up till now. The PE priority targets include core sectors – pharma and healthcare, consumer, technology, and the green economy. It’s portfolio comprises logistics company Delhivery, multiplex cinema chain PVR, and meat delivery startup Licious, among others.
“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.
According to the firm, the latest transaction was “well oversubscribed” and was led by four global investors—HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.
So far, the PE has raised USD 3 Bn+ , touting 30+ investments across 6 sectors and 16 exits.
