Mumbai: Prakash Nene, managing director and chief financial officer of Multiples Alternate Asset Management Pvt. Ltd, has quit the private equity firm for “personal reasons".
Nene’s exit comes at a time when Multiples has started its roadshow to raise its third offshore fund with a size of $1 billion. The fund is targeting to raise the corpus from global pension funds, sovereign wealth funds and university endowments in the US, Canada, Europe, the Middle East and Singapore.
Nene, a former director at Bharti Enterprises, joined Multiples in 2010 and was involved in all top deals including Indian Energy Exchange, Vikram Hospitals, Arvind Fashions Ltd, Cholamandalam Investment and Finance Co. Ltd, Sara Sae Pvt. Ltd, RBL Bank Ltd, South Indian Bank Ltd and PeopleStrong HR Services Pvt.
“I would confirm that Prakash Nene has resigned from Multiples a year ahead of his superannuation for personal reasons," said Renuka Ramnath, managing director and CEO at Multiples.
Multiples, founded by former ICICI Venture veteran Ramnath in 2009, has made about 18 investments so far. Multiples, which raised its first fund of $405 million in 2011, had closed its second fund of $700 million (including a $150 million co-investment pool) last year and launched its third fund worth $1 billion in February 2018.
Nene is the second top-level exit from Multiples after another managing director, Dinesh Tiwari, quit in October 2016, after six years at the PE firm.
The private equity team of Multiples now comprises Sudhir Variyar as managing director (former senior director at ICICI Venture), Nithya Easwaran as managing director (former head of structured finance and private financing, Citibank, Mumbai) and Sridhar Sankararaman (former principal investor and PE fund manager at Sun Capital in London).