PE firm Multiples closes $430 Mn continuation fund

Private equity firm Multiples Alternate Asset Management has raised $430 million for a continuation fund to extend its investment in three portfolio companies — Vastu Housing Finance, Quantiphi, and APAC Financial Services.

The transaction allows investors in Multiples Fund II to monetise their investments while enabling the firm to continue holding on to high-performing assets, Multiples Alternate Asset Management said in a press release.

According to Multiples Alternate Asset Management, the continuation fund, which was oversubscribed, is backed by four global investors — HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest. Some existing Fund II investors have also rolled over their commitments into the new vehicle.

Vastu Housing Finance is focused on affordable housing credit, Quantiphi provides AI and digital engineering solutions, and APAC Financial Services is an emerging financial platform with a growing nationwide presence. The fund also includes additional capital for follow-on investments in these companies.

Last year, ChrysCapital closed a $700-million continuation fund anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures. The new fund enabled the private equity investor to maintain its stake in NSE, as the backers of the latest continuation fund bought the stake from investors of ChrysCapital’s Fund VI.

Renuka Ramnath-led Multiples, which focuses on core sectors including financial services, pharma and healthcare, consumer, technology, and more recently the green economy, has backed more than 35 companies and seen exits across IPOs, strategic sales, and secondary transactions. Some of its investments include Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, TI Clean Mobility, and Zenex.