Renuka Ramnath confirms $450m raise for Multiples
Multiples Alternative Asset Management, founded by Renuka Ramnath, former CEO of ICICI Venture, has raised INR20 billion ($450 million) for its first fund.
According to The Economic Times, Multiples Private Equity Fund I received commitments from as many as 15 institutional investors, including pension funds from Canada, Europe and Asia and large Indian banks. Ramnath told the newspaper that the fund will be sector agnostic, and will predominantly target mid-sized privates in which Multiples can purchase majority stakes.
She added that Multiples will look to hold between 12-15 companies in its portfolio, with an average investment size of INR2-2.5 billion.
Multiples announced the first close of its fund in April of last year, at $250 million. At the time, reports noted that the Canada Pension Plan Investment Board committed up to $100 million in principle. UK government-owned CDC Group, which supports economic development across India, also committed $30 million.
Ramnath, who has been a presence in India's investment industry for more than 20 years, launched Mumbai-based Multiples in 2009, the same year she resigned her post at ICICI.
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