Multiples Alternate Asset Management has closed a $430 million continuation fund in one of India's largest portfolio transactions in private equity, it said on Tuesday.
The deal allows the Renuka Ramnath-led private equity firm to retain ownership in high-growth portfolio companies while delivering liquidity to existing investors in its second fund, it said in a statement.
The fund allows Multiples to roll over its stakes in Vastu Housing Finance, Quantiphi and APAC Financial Services: the companies operating in affordable housing finance, artificial intelligence, and financial services.
The deal was oversubscribed and led by global institutional investors HarbourVest Partners, Hamilton Lane, LGT Capital Partners and TPG NewQuest.
"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, managing director and deputy chief executive officer, 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 had previously backed 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.
Jaden Mathew Paul/Business Standard
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