Multiples alternate plans to raise $1 billion for its fourth fund

Multiples Alternate Asset Management plans to raise as much as $1 billion for a fresh fund. The investment firm founded by former ICICI Venture veteran Renuka Ramnath is looking to take advantage of a sharp valuation fall and a liquidity crunch to make fresh bets in Indian companies, said people in the know.

About 65-70% of the total corpus will be allocated to global institutions including pension and sovereign money managers and university endowments, while one third would be reserved for ultra-high net worth Indian family offices and individuals, according to the documents for the proposed fund seen by ET.

The fourth fund will be launched in the current quarter and is expected to make a first close by December 2022.


"In the first close, the fund is looking to target $400 million. It has received informal commitments from some of its existing investors including Canada Pension Plan Investment Board and CDC Group," said one person close to fund-raising plan.

Multiples aims to allocate 30-35% of the fourth fund towards financial services investments, while 20-25 each in consumer, technology services as well as pharma and healthcare spaces. "What we have built in Multiples is a unique capability to deliver extraordinary returns in all vintages," said Renuka Ramnath, founder & MD, Multiples Alternate Asset Management.

Founded by Ramnath in 2009, Multiples in the past, raised three separate funds. The fund, which is known for its investments in RBL Bank and PVR Cinemas, claims to have delivered 20-23% internal rate of return, significantly higher than the median IRR registered by Indian private equity firms.