IFC plans to invest in Renuka Ramnath-led Multiples’ third fund
- IFC plans to invest $20 million, while IFC Asset Management Co., the investor’s private equity arm, also plans to invest $50 million in the proposed investment fund
- A91 is targeting a raise $250-300 million, according to the disclosure
The International Finance Corp. (IFC), the private sector investment arm of the World Bank, plans to invest $70 million in the third fund of homegrown private equity fund Multiples Alternate Asset Management, IFC said in a disclosure on its website.
Multiples Private Equity Fund III, led by Renuka Ramnath, is looking to raise $900 million. This it will invest in equity and equity-linked instruments of mid-market companies in India, across sectors such as consumer goods, financial services, healthcare, IT services, logistics, and agriculture-related product and services opportunities.
IFC plans to invest $20 million, while IFC Asset Management Co., the investor’s private equity arm, also plans to invest $50 million in the proposed investment fund.
In January, the Asian Development Bank agreed to invest $35 million in Multiples’ third fund, marking ADB’s first investment in a private equity fund managed by Multiples.
Mint reported in April last year that the fund aims to raise the corpus from global pension funds, sovereign wealth funds, and university endowments in the US, Canada, Europe, the Middle East, and Singapore.
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) in 2017, and launched its third fund, Multiples Private Equity Fund III, in February 2018. It has made nearly 20 investments so far.
Mint reported in December that Multiples has acquired a 37% stake in non-bank APAC Financial Services for about ₹250 crore, from its second fund.
Multiples, which is targeting one of the largest Indian private equity fund-raises, has a portfolio including e-commerce logistics provider Delhivery, RBL Bank, and cinema multiplex chain PVR Cinemas.
IFC has announced several investments in the past week. On 28 February, it said that it will invest in the $70 million round of online pharmacy 1mg and $25 million in A91 Partners, a venture capital fund .
A91 is targeting a raise $250-300 million, according to the disclosure.
A91, as per the disclosure, plans to invest in consumer goods and services, healthcare, financial services, and technology.
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First Published:5 Mar 2019, 12:02 AM IST
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