Multiples Alternate

Funds managed

Fund nameAsset ClassLicense
Multiples Private Equity Fund IIIPE (growth stage)AIF Category 2
Multiples Private Equity Fund (I&II)PE (growth stage)AIF Category

About the AMC

  • Multiples was founded by Renuka Ramnath in 2009. 
  • It has $1.5 bn AUM and 21 portfolio companies.
  • It is deeply involved in CSR activities. It believes in empowering and working towards the betterment of the society it operates in. 
  • It has also deliberately adopted a sustainable approach not just at the workplace, but also in terms of their goals to invest in solar energy. They work closely with their portfolio companies to better streamline their own sustainability initiatives and shape a greener future. 
  • Some of Multiples’ current investments include PVR, Delhivery, Arvind, Vastu and Indian Energy Exchange.
  • Key staff
    • Renuka Ramnath (Founder & CEO) – She has over 30+ years of experience in investment banking and structured finance. She was the MD & CEO of ICICI Ventures before she founded Multiples. Quoting her vision as mentioned on the website, “Multiples is a culmination of my beliefs, experiences and relationships coming together to channelize high-quality, long-term capital towards the growth of the Indian economy. At Multiples, I aim to build a lasting, highly successful and reputed institution that will deliver the potential of alternative investments in India”. She has studied at the Harvard Business School & University of Mumbai.
    • Sudhir Variyar (Managing Director) – He was the first one who teamed up with Renuka in the early days on Multiples. Prior to which, he was a senior director at ICICI Venture & Fitch Ratings. He has a PGDM from IIM-C and has graduated in B.Tech from IIT, Varanasi. He says, “The letter P in Multiples’ logo signifies the importance of people & partnership in our approach.” That’s what predominantly his role at the firm is, to build an ecosystem of partnerships and look after creating long-term relationships with people. 

Investment Philosophy (for firm)

They’re committed to examine the ESG parameters when they invest in companies. They believe it adds to the brand value of the portfolio companies and takes them to an ethical future by creating value for the stakeholders. They believe in increasing awareness on the importance of ESG principles.


Title – Investment in Fund III by the Asian Development Bank,, 2019

Summary – ADB invested an amount of $35 mn in Multiples Private Equity Fund III in 2019. The fund is said to have a targeted corpus of $750 mn that is focused on investing in growth stage opportunities in mid-market companies operating in sectors like, consumer, financial services, healthcare and technology. 

Title – CDC Group invests in Fund I, CDC Group.

Summary – The CDC group has invested $0.47 mn in Fund I. Investments made using this fund include, PVR Limited, Milltec Machinery Pvt Ltd, Vikram Hospitals Pvt Ltd, Arvind Ltd, Delhivery, Livpure and Agri Power and Engineering Solutions. 

Title – CDC Group invests in Fund II (Plenty Private Equity Fund), CDC Group, 2015.

Summary – As stated on CDC Group’s website, Fund II is named as Plenty Private Equity Fund. It made an investment of $30 mn in the fund when it launched in 2015. Others who invested in the fund include, International Finance Corporation (IFC), domestic and international investors. The fund was expected to create an impact on the Indian economy as many sectors still have a shortage of investment. The fund made over 10 investments, some of which are, RBL Bank, Encube Ethicals, Indian Energy Exchange & PeopleStrong. CDC talks about supporting and monitoring the environmental and social approach as the portfolio grows.  

Title – Multiples raises $560 mn in Fund III, ET, 2nd December 2019.

Summary – Multiples raises $560 mn in Fund III and targets to raise $750-800 mn in the next 4-5 months before the final closure. India’s sovereign fund National Investment and Infrastructure Fund (NIIF) has said to have invested a huge part of the fund. Alongside NIIF some global names that have invested are, Canada Pension Plan Investment Board (CPPIB) and IFC. Renuka says, “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”. 

Topic – Renuka Ramnath appointed as the new chairperson of IVCA, ET, 15th April 2020.

Summary – Renuka said that she has been an active member of IVCA since its inception in 2010. Recently, she was appointed as the new chairperson of IVCA that also makes her the first woman to get there.

Topic – About Renuka Ramnath, IVCA.

Summary – Apart from serving as the chairperson of IVCA, “She is a board member of EMPEA, the global industry association for private capital in emerging markets. She has been featured in many prestigious listings, including the Top 25 Most Powerful Women in Business (Business Today, India); India’s most Powerful CEO’s (Economic Times), the Top 25 Non Bank Women in Finance (US Banker’s global list), Asia’s Women in the Mix: The Year’s Top 50 for Achievement in Business (Forbes), Top 25 women in Asian asset management (Asian Investor) and most recently has been awarded the AVCJ Special Achievement Award, 2019”.

Topic – Renuka ranked 10th in the “Most Powerful Women” category by Fortune India, Fortune, 2019.

Topic – Renuka Ramnath led Multiples is PE fundraiser of the year at the VCCircle Awards, VCCircle, 2017.

Summary – to do

Title – Indian PE comes of age, Business Standard, 2015.

Summary – to do

Title – It’s a myth that it’s difficult to get PE exits in India, VCCircle, 19th September 2016.

Summary – to do

Analyst questions

  • Does the “philosophy & approach” section on your website talk about the investment philosophy of the firm? If yes, how does a people centric approach, building businesses, clarity and conviction explain the investment philosophy?
  • Why is Fund II registered with SEBI as Multiples Private Equity Fund II and is mentioned on CDC Group’s website as Plenty Private Equity Fund?

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