IFC commits $41m to Multiples' latest India fund
India-based GP Multiples Alternate Asset Management has received a commitment of up to $40.6 million from the International Finance Corporation (IFC), the investment arm of the World Bank, for its latest fund.
The firm's Plenty Private Equity Fund I, which launched in 2014, will provide growth capital investments to Indian mid-market companies and scale them into national or regional leaders, supporting IFC's job growth goals. According to a disclosure, IFC Asset Management Company (IFC AMC) is also considering a commitment of an undisclosed amount.
The vehicle has a target of $650 million, including the core $500 million fund and an additional $150 million co-investment vehicle. It reached a first close of $325 million in January 2015.
Founded in 2009 by former ICICI Venture CEO Renuka Ramnath, Multiples pursues a sector-agnostic investment strategy. Investments from its first fund include cinema chain PVR Cinema, to which it recently committed another INR3.5 billion ($54.6 million), and rice milling equipment provider Milltec.
While Multiples mainly commits minority growth investments, the GP does look for opportunities in management buyouts and spin-off deals. During Ramnath's tenure at ICICI Venture, the firm was one of the first in India to extend its remit to buyouts and corporate carve-outs.
IFC is active in India both as an LP and as a direct investor in pursuit of its development goals. Among its fund commitments is a $25 million investment in Gaja Capital Partners' second fund in 2013; the fund closed at $240 million last month. Direct investments include a $25 million commitment earlier this year to online eyewear retailer Lenskart.
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