Multiples Alternate Asset Management Raises $430 Million for Continuation Fund

Multiples Alternate Asset Management is set to enhance its investment strategies by raising $430 million for a continuation fund. This new funding aims to extend investments in three notable portfolio companies: Vastu Housing Finance, Quantiphi, and APAC Financial Services.

Benefits of the Continuation Fund

This transaction provides an opportunity for investors in Multiples Fund II to realise their investments, while also allowing the firm to retain ownership of high-performing assets, as stated by Multiples Alternate Asset Management in a recent press release.

Investor Backing and Fund Details

The continuation fund has been well received, being oversubscribed and supported by four notable global investors: HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest. Moreover, some existing investors from Fund II have opted to carry over their commitments into this new fund.

Portfolio Company Profiles

Vastu Housing Finance is dedicated to providing affordable housing credit, while Quantiphi offers innovative AI and digital engineering solutions. APAC Financial Services is evolving as a financial platform with a robust presence across the country. Additionally, the fund allocates extra capital for follow-on investments in these pivotal companies.

Market Context and Comparisons

In the previous year, ChrysCapital successfully launched a $700-million continuation fund supported by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures. This funding enabled ChrysCapital to retain its stake in NSE, as the backers of this latest continuation fund acquired the stake from the investors of ChrysCapital’s Fund VI.

Multiples’ Investment Focus

Under the leadership of Renuka Ramnath, Multiples has concentrated its investments in key sectors, including financial services, pharmaceuticals, healthcare, consumer goods, technology, and recently, the green economy. The firm has successfully backed over 35 companies, achieving exits through IPOs, strategic sales, and secondary transactions. Noteworthy investments include Encube, India Energy Exchange, Kogta Financial, Licious, Milltec, MoEngage, PVR, TI Clean Mobility, and Zenex.