India-focused private equity firm Multiples Alternate Asset Management ("Multiples") on Tuesday announced the successful close of a $430 million continuation fund, one of the largest portfolio transactions ever in India’s private equity space.
The fund raised capital to acquire interests in three high-growth private companies from Multiples Fund II, along with additional follow-on capital.
The heavily oversubscribed transaction was led by global investors HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest. The deal provided Fund II investors with an opportunity to realize returns on a portfolio of successful investments, while offering the option to reinvest in the continuation fund to support Multiples’ ongoing ownership of these companies.
The continuation fund centers around three transformative companies: Vastu Housing Finance Corporation, a leading affordable housing finance player; Quantiphi, a prominent AI and digital engineering firm; and APAC Financial Services, a rapidly expanding financial services platform with a national branch network.
“This continuation fund allows us to deliver liquidity with certainty to our Fund II investors, while staying invested in businesses that embody the entrepreneurial mindset and the DNA that we deeply value,” said Sudhir Variyar, Managing Director & Deputy CEO of Multiples.
“Each of these companies have not only scaled significantly and attracted strong investor interest but also embody the principle of trusted partnership that we seek to build with our founders and management through performance, integrity and shared vision and values. Vastu, Quantiphi, and APAC represent long-term growth platforms, and we remain excited about their journey ahead,” Variyar added.
Multiples, known for its track record of successful exits via IPOs, strategic sales, and PE-to-PE transactions, reinforced its commitment to providing exit agility and maximizing investor value through this landmark deal.
UBS Private Funds Group acted as exclusive financial advisor for the transaction. Kirkland & Ellis LLP advised Multiples, while Debevoise & Plimpton LLP represented the lead investors.
