Indian private equity (PE) firm Multiples Alternate Asset Management looks to broaden its investment horizon and tap opportunities in the country’s sunrise green economy sector as it makes the first close of its fourth fund at $640 million.
“We will also look at the green economy in addition to our four chosen sectors which are financial services, pharma and healthcare, consumer and enterprise technology,” Renuka Ramnath, founder, MD & CEO at Multiples Alternate Asset Management, told DealStreetAsia in an interview.
The total corpus that Multiples is looking to raise is understood to be about $1 billion.
“Given the ongoing traction [in terms of availability of domestic capital], we expect to close the fund well within the one-year available timeline, said Ramnath.
“I am extremely excited with the fact that that there is significant participation from domestic investors, in addition to foreign capital,” she said.
Even as the exact breakup of foreign and domestic LPs in the $10.5 billion capital raised by India-focused PE-VC firms last year could not be ascertained, experts say the share of local capital could be around 40% and growing. For certain Alternative Investment Funds (AIF), this could be as high as 100%, but it could be much less for foreign PE funds focused on India.
“Expansion of the domestic LP market will bring more stability and enhance the confidence of global LPs. This is a strong positive for the asset class as well as for the growth of the economy,” said Ramnath.
Edited excerpts of the interview:-