CDC commits to ex-ICICI Venture chief’s debut fund

The fund aims to raise the rupee equivalent of $450m from international and Indian investors and has already seen commitments from Indian Overseas Bank and Andhra Bank, as well as the Canada Pension Plan Investment Board.

The debut fund from Multiples Alternate Asset Management, set up by Ramnath around a year ago after she moved on from ICICI Venture, one of the best known private equity firms in the Asian sub-continent, raised $250m for its first close in April.

Its investments will average $20m to $30m in Indian companies specifically.

Anubha Shrivastava, CDC’s managing director for Asia, said, “The Multiples team has shown strengths as an investor and fund manager, as well as being a market leader, responsible for the first buy-out of a company in India. Economic and political conditions continue to look good for private equity in India and the team’s experience and track record of adding value to portfolio companies should put it in a good position to strengthen India’s growing private sector.”
 
CDC’s first investment in India was in 1987 and the fund of funds now claims to be the largest international private equity fund investor in the country, having committed over $1.1bn to funds investing in Indian companies since 2004.

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