Dream11 Backer Multiple Alternate Announces First Close Of $800 Mn Fund

Multiples Alternate Asset Management, which backs sports gaming platform Dream11, has announced the first close of its  $750-800 Mn for Multiples Private Equity Fund III at $560 Mn. The investment firm is targeting to close the fund in the next four to five months.

According to a Business Standard report, Multiples Alternate has raised this investment from the National Investment and Infrastructure Fund (NIIF), Canadian pension fund Canada Pension

Plan Investment Board (CPPIB) and the World Bank’s investment arm International Finance Corporation (IFC).

With this third fund, the firm will invest in midmarket companies working across sectors — consumer, healthcare and IT services. Renuka Ramnath, founder, and CEO of Multiples Alternate, said, “We are bullish on the opportunities available currently in India. The non-core assets of conglomerates and the ongoing corporate restructuring, de-leveraging provide good investment opportunities.”

Founded in 2009 by former banker Ramnath and Sudhir Variyar, Multiples Alternate  is India’s first women-led private equity fund. The company raised $405 Mn in 2011 as a part of its Fund I, then it raised $700 Mn in 2017 for Fund II. The Fund II also included $150 Mn coinvestment pool.

According to the company’s LinkedIn profile, Multiples Alternate has over $1 bn under management, and has invested in 20 companies across the previous two funds. The companies include Vikram Hospital Bengaluru, South Indian Bank, cinema hall chain PVR Cinemas, water and air purifier brand Livpure and logistics startup Delhivery, among others.

This month, even investment firm Norwest Venture announced the close of its funds. On November 14, it was reported that  Palo Alto-based Norwest Venture Partners closed its fifteenth fund at $2 Bn, which is its largest fund till date.

The new Fund XV (fifteen) follows Norwest Venture Partners XIV (fourteenth), which was a $1.5 Bn fund that closed in February 2018. According to Norwest, it has since made nearly 50 new investments across a range of stages and industries, as well as, hired and promoted several investment partners.

The investment firm manages over $9.5 Bn in the capital and has, since inception, invested in more than 600 companies. Its portfolio includes furniture and home products marketplace Pepperfry, RBL Bank, Sadbhav Engineering, Thyrocare Technologies and Snowman Logistics Ltd.

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