Mumbai: Dinesh Tiwari has resigned as managing director of Multiples Alternate Asset Management Pvt. Ltd, a private equity firm led by Renuka Ramnath, two people aware of the development said. Tiwari, who has spent nearly 20 years in the industry, had joined the Mumbai-based PE firm in May 2010.

“He has put in his papers and is on his way out of the firm. The two parties are working on the exit formalities. His immediate plans are not clear as of now," said one of the two people cited above, requesting anonymity as he is not authorized to speak to reporters.

Multiples was set up in 2009 by PE veteran Ramnath, former managing director and chief executive of ICICI Venture, the private equity arm of India’s largest private sector bank ICICI Bank Ltd. It now manages about a billion dollars, having invested in 11 companies from its first fund and three companies already from its second fund, according to its website.

Ramnath confirmed the exit in an email response. Tiwari declined to comment.

Before Multiples, Tiwari was an executive director in charge of private equity business in India with JP Morgan. He has previously worked with ICICI Venture, Actis Capital and Standard Chartered among others.

Ramnath raised $250 million in 2009 as the first close for the debut fund of her independent shop Multiples PE. It then raised its debut $405 million fund in 2011 with significant commitments from Canada Pension Plan Investment Board (CPPIB). Multiples was the first India-focused fund to be backed by CPPIB then.

The senior exit comes at a time when the fund has just raised its second PE fund of over $600 million.

In April, World Bank’s private investment arm International Finance Corp., disclosed on its website that it was looking at investing $40.6 million (Rs270 crore) in Multiples’ second fund.

Canadian pension fund Canada Pension Plan Investment Board (CPPIB) is the anchor investor with $200 million, while Abu Dhabi Investment Fund has committed $100 million and Dutch pension fund PGGM is pumping in $75 million in the new fund, reported The Economic Times in January.

From its second fund, the PE firm has already invested in a housing finance company, Mint reported in June 2015. The housing finance company will target lower income groups.

In July, Mint reported that Multiples was in talks to invest Rs275 crore in Mumbai-based Encube Ethicals Pvt. Ltd, a contract development and manufacturing firm for topical semi-solid formulations such as gels and ointments.

The firm has invested in companies such as logistics firm Delhivery, farm equipment manufacturer Milltec Machinery, multiplex firm PVR Cinemas and healthcare firm Vikram Hospital, among others.

Mint reported in July that Sumit Sinha, a principal at Warburg Pincus, had quit the US fund after a five-year stint to join Multiples.

The PE and investment banking industries have seen several senior executive movements in the recent months.

In July, Mint reported that Dhruv Kapoor of Helion Ventures had left the VC fund to head Sistema Asia Fund as its managing director. Kapoor served Helion for eight years as vice-president, from July 2008 to July 2016, at its Gurgaon office and assisted Helion with 18 investments in technology and non-tech sectors. Russia-based Sistema floated a $50 million Asia Fund, Sistema Asia Fund Pte Ltd, in July 2015 to invest in start-ups in India and Asia.

Also in July, Mint reported that Prashant Kumar, who had quit Warburg Pincus in January as principal, joined ChrysCapital in March to look after the consumer and manufacturing sectors.

Apart from fund to fund movement, the industry has also seen several senior executives leave to set up their independent PE firms.

In June, Vishal Bakshi quit Goldman Sachs Group Inc. to set up his own private equity business called Avatar Growth Capital Partners. In August, Mint reported that Abhay Havaldar, a former managing director at PE fund General Atlantic Partners, may join Avatar Growth Capital Partners.

In July, Ashutosh Maheswari of Motilal Oswal Investment Advisors quit to launch a $300 million credit fund called Catalyst High Yield Fund.

Others who have quit established PE firms to launch their own setup, include the likes of Heramb R. Hajarnavis, former head of the PE practice at KKR & Co. Lp in India, who is setting up his PE firm Sea Link Capital Partners. Sunil Theckath Vasudevan, had quit home-grown private equity firm India Value Fund Advisors Pvt. Ltd, to set up Amicus Capital Partners.

Anuradha contributed to this story.