Multiples Alternate Asset Management Achieves First Close of Fourth Fund at $640 Million
- ByStartupStory | May 4, 2023
Multiples Alternate Asset Management, a domestic private equity firm, has achieved the first close of its fourth fund after raising approximately USD 640 million (equivalent to over INR 5,200 crore). The funding round saw participation from renowned anchor investors, including the largest pension fund in Canada.
According to a statement released by Multiples Alternate Asset Management, the Canada Pension Plan Investment Board (CPPIB) and the International Finance Corporation (IFC) are among the partners of the firm’s newly raised fund. The IFC is the private-sector investment division of the World Bank Group. Additionally, domestic institutions, including the State Bank of India, private insurance firms, and local family offices, also participated in the funding round.
Multiples Alternate Asset Management is aiming to achieve the final close of its fourth fund by the end of this fiscal year. The firm’s latest fund is targeting a total commitment of USD 800 million, with a hard cap of USD 1 billion. With the help of this new fund, the private equity firm plans to participate in big-ticket investment opportunities through a co-investment model. Over the next three to four years, the firm aims to achieve a cumulative investment target of more than USD 1.5 billion.
Multiples Alternate Asset Management has invested in approximately 30 Indian companies through its first three funds, including unicorns such as Delhivery, Acko, and Licious. The firm’s first fund, launched in 2011, raised USD 405 million, while its second fund, launched in 2016, raised around USD 690 million. Multiples’ third fund raised USD 680 million, which was slightly lower than its target of USD 700 million.
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