Multiples gears up for a billion-dollar fundraise next year

Mumbai: Homegrown private equity firm Multiples is in talks to launch its next fundraise next year, targeting $1.0-1.2 billion, at least three people familiar with the matter told Mint. The Renuka Ramnath-led firm has already deployed 50-70% of its previous fund and is now eyeing its largest one yet, they said.

“It likely to begin fundraising in the new year, aiming a size slightly larger than its last fund,” said one of the persons quoted above.

Queries sent to Multiples did not elicit a response until press time.

Founded in 2009 by Ramnath, Multiples has over $3 billion in assets under management, with investments spanning more than 40 companies in financial services, pharmaceuticals and healthcare, consumer, technology and, more recently, the green economy.

Multiples backed companies such as Delhivery, South Indian Bank and PVR Inox through its first fund of about $400 million; Dream11, Encube and RBL Bank through its second one of about $600 million; and Acko, Kogta Financial and Veritas Finance from its third fund of $700 million.

In 2023, the firm began raising its latest primary fund, with a target corpus of about $800 million. Since then, it has announced investments in companies such as QBurst Technologies and Brahma AI, among others.

More recently, Multiples also created a continuation fund of about $430 million to extend its holdings in select Fund II assets, including Vastu Housing Finance, Quantiphi and APAC Financial Services.

The proposed new vehicle is likely to be the fifth vintage of Multiples’ flagship fund. Its fundraising plans come as private equity fundraising activity enters a new phase following several large funds closing in 2024-25.

In November 2025, ChrysCapital raised $2.2 billion for its Fund X, more than 60% larger than its $1.35 billion Fund IX, while Kedaara Capital closed its $1.73 billion Fund IV in 2024.

The firm’s fundraising ambitions also come against the backdrop of a recent regulatory settlement. In March, Multiples Alternate Asset Management Pvt. Ltd and two of its top executives settled allegations of violating regulations related to its maiden private equity fund raised about a decade and a half ago.

The private equity firm, its founder and chief executive officer (CEO) Renuka Ramnath, managing director and deputy CEO Sudhir Variyar, and two related entities paid a total of ₹92.6 lakh to settle the allegations with markets regulator the Securities and Exchange Board of India (Sebi), according to a report by VCCircle.