Multiples CFO and MD Prakash Nene resigns from private equity firm

Prakash Nene

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).

Also Read:

People Digest: VT Bharadwaj quits as Sequoia India MD; Ant’s Lucy Peng steps down

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.