Multiples Alternate Assets MD quits

Dinesh Tiwari’s resignation comes at a time when the Mumbai-based firm has just raised $690m for its second buyout fund.

Dinesh Tiwari, a managing director of Mumbai-based private equity firm Multiples Alternate Assets Management, left the firm earlier this month for personal reasons, Private Equity International has learned.

There is no replacement planned, according to a source with knowledge of the matter. Managing directors Prakash Nene and Sudhir Virayar as well as chief executive and founder Renuka Ramnath will continue to be responsible for growing the firm’s private equity platform.

It is not clear what Tiwari’s plans are following his departure from the firm.

Tiwari joined the firm in 2010 from JP Morgan’s India private equity business, where he served as executive director for more than one year. Earlier in his career, he was a director with Standard Chartered Private Equity, an investment principal at Actis Advisers, as well as a business manager at ICICI Venture Funds Management Company.

India-focused Multiples is currently in market with its third buyout fund, Multiples Private Equity Fund II, having raised $400 million against a $600 million target, according to PEI data. In May, the firm held a final close on its second fund Plenty Private Equity Fund I on $690 million. Of that amount, the firm said it will allocate $150 million to fintech investments, with the rest to be invested in mid-market companies in consumer, healthcare, logistics, and IT.

Multiples, which manages more than $1 billion of assets, is led by ex-ICICI Venture managing director Ramnath. The firm closed its maiden fund on $405 million in November 2011 and is fully deployed across 11 companies. Among the firm's investments arelogistics provider Delhivery and multiplex chain operator PVR. 

Limited partners in the firm’s funds include the International Finance Corporation, the Canada Pension Plan Investment Board, Dutch pension fund PGGM and UK government-backed CDC Group, according to PEI data.

Multiples has added senior executives to its bench in recent months. Sumit Sinha, an ex-principal from Warburg Pincus, joined in July as a principal; and Rahul Malhotra, a former head of mergers and acquisitions at IT services and consulting firm Mindtree, joined as vice president in August. The firm is also exploring opportunities in stressed assets and turnaround situations.