Private equity firm Multiples closes $430 million Continuation Fund

Multiples Alternate Asset Management, one of India’s prominent private equity firms, has secured $430 million for a continuation fund to deepen its commitment in three of its portfolio companies—Vastu Housing Finance, Quantiphi, and APAC Financial Services.

The new fund structure enables the firm to extend its ownership in high-performing assets while providing a liquidity option to investors of its earlier fund. The transaction is structured as a secondary deal for Multiples Fund II, offering an exit pathway for existing limited partners, while select investors have chosen to roll over their capital into the newly created vehicle.

The continuation fund was oversubscribed and is backed by four global institutional investors—HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.

“Across every fund vintage, Multiples has prioritised providing financial returns and liquidity to our investors,” said Sudhir Variyar, managing director and deputy CEO of Multiples.

“This continuation fund allows us to deliver liquidity with certainty to our Fund II investors while staying invested in businesses that embody the entrepreneurial mindset and the DNA that we deeply value.” 

Founded by Renuka Ramnath, Multiples has previously backed startups such as Delhivery, Acko, and Dream Sports, and is known for its thesis-led investment approach. The latest fundraise reflects growing traction for continuation vehicles in India, which allow general partners to hold on to high-growth assets beyond the typical fund lifecycle while offering optional exits to early backers.

Each of the three companies—Vastu, Quantiphi, and APAC—has scaled substantially since Multiples’ initial investment. Vastu provides affordable housing finance, Quantiphi operates in the artificial intelligence and digital engineering space, while APAC Financial Services is expanding its footprint as a lending platform catering to underserved markets.

The continuation fund includes additional capital for potential follow-on investments in these firms. “Multiples’ journey with all three companies originally began with a strong belief in the entrepreneurs,” Variyar said, adding that they have attracted significant investor interest and represent long-term growth platforms.

Continuation funds are emerging as an increasingly popular strategy for Indian private equity firms aiming to extend ownership in standout assets. In May last year, ChrysCapital closed a $700 million continuation fund anchored by HarbourVest, LGT Capital, and Pantheon Ventures, allowing it to retain its stake in the National Stock Exchange (NSE) via a similar secondary transaction.