India's Multiples set for $325m first close on Fund II

According to sources familiar with the situation, the final paperwork is currently circulating LPs for approval. The fund will comprise a $500 million core co-mingled vehicle plus a $150 million co-investment pool.

The second fund was launched in the middle of last year and is understood to be targeting new LPs in addition to receiving re-ups from a number of existing investors. Fund I, which closed in late 2011 at around $450 million, was backed by the likes of UK development finance institution CDC Group, Canada Pension Plan Investment Board, Kuwait's Public Institution for Social Security and Dutch pension fund PGGM.

Multiples primarily makes mid- to late-stage equity investments in mid-size public and private companies, committing $15-50 million per transaction.

This latest fund will follow a similar sector-agnostic remit to its predecessor, with opportunities in the IT and the restaurant spaces currently being explored. Minority growth investments account for the bulk of the GP's portfolio, although the team has experience of control transactions.

Last week Multiples completed its debut exit from South Indian Bank, selling its remaining 3.67% stake for INR1.51 billion ($23.8 million). The firm made a partial exit in July by selling one fifth of its holding for around INR428 million.

Other Fund I portfolio companies include Vikram Hospital, denim manufacturer Arvind, rice milling equipment provider Milltec Machinery, cinema chain PVR, Indian Energy Exchange and Cholamandalam Investment & Finance.

Multiples was founded by Renuka Ramnath, formerly CEO of ICICI Venture.

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• Topics
• South Asia
• Fundraising
• India
• Fundraising
• Multiples Alternative Asset Management
• Growth capital