PE firm Multiples announces close of $430M continuation fund

Multiples Alternate Asset Management on Tuesday announced the close of its $430 million continuation fund, making it one of the largest portfolio transactions in India.

According to the firm, the transaction was “well oversubscribed” and was led by four global investors—HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.

This transaction allowed Fund II investors to cash in on their investments in portfolio companies, and select Fund II investors also re-invested in the continuation fund.

The continuation fund raised capital to acquire interests in three private companies from Multiples Fund II, alongside additional follow-on capital, it said. These companies include Vastu Housing Finance Corporation, Quantiphi, an AI and digital engineering solutions provider, and APAC Financial Services, an emerging financial services platform.

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“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, an India-focused private equity firm, has backed 35 enterprises to date. It focuses on core sectors, like pharma and healthcare, consumer and technology, and more recently, the green economy.

It has invested in startups like logistics company Delhivery, multiplex cinema chain PVR, and meat delivery startup Licious, among others.