CDC backs Multiples with $30m

The commitment takes the maiden fund of Renuka Ramnath's Multiples Alternate Asset Management one step closer to its $450m target.

UK government-backed fund of funds CDC Group has committed $30 million to Multiples Private Equity Fund I, the maiden fund of Renuka Ramnath-led Multiples Alternate Asset Management.

The India-focused fund held a first close in April this year at $250 million – over halfway to its target of $450 million from both foreign and domestic investors.

In a statement, Anubha Shrivastava, managing director for Asia at CDC, said that “despite improving economic conditions in India there is still a shortage of investment for promising businesses in many sectors of the economy”. She added this was the primary reason behind the the firm’s commitment to the Multiples fund.

Multiples was established in July 2009 by ICICI Ventures founder Renuka Ramnath. She has since been joined by former ICICI colleague Sudhir Variyar, ex-Bharti Enterprises group director Prakash Nene, and former JP Morgan India private equity head Dinesh Tiwari.

Anchor investors in the Multiples Private Equity Fund include Canada Pension Plan Investment Board, which committed up to $100 million to the fund in its first ever allocation to an Indian private equity fund, and domestic investors Indian Overseas Bank and Andhra Bank.

According to the CDC statement, the development finance institution is now the largest “international private equity fund investor” in India, with over $1.1 billion in commitments to Indian fund managers under its belt since 2004

Other Indian fund managers the firm has worked with include ICICI Venture, Lok Capital, Ascent Capital, Avigo Capital Partners, Baring Private Equity Partners India and IDFC Private Equity.