ADB Invests $35 Million in Multiples III to Provide Growth Capital to Mid-Market Companies in India | Asian Development Bank

ADB Invests $35 Million in Multiples III to Provide Growth Capital to Mid-Market Companies in India

News from Country Offices | 16 January 2019

NEW DELHI, INDIA (16 January 2019) — The Asian Development Bank (ADB) signed an agreement to invest $35 million in equity into Multiples Private Equity Fund III (MPEF III), an India-focused private equity fund managed by Multiples Alternate Asset Management Private Limited (Multiples).

MPEF III, a targeted $750 million Indian investment trust, aims to make 11–14 investments with investment sizes ranging between $20 million to $100 million in each company. These companies focus on consumer, financial services, health care and pharmaceuticals, and technology sectors.

ADB’s investment will help private sector companies access the capital they need to expand operations, create sustainable jobs, and generate tax revenues, which contribute to India’s continued growth. The investment will also support the Government of India’s reform efforts to encourage a transparent corporate culture by improving corporate governance standards of investee companies.

“It’s important to invest in private sector companies, including small and medium-sized enterprises, that create jobs and adopt technology to enhance efficiency,” said Ms. Janette Hall, Director of the Investment Funds and Special Initiatives Division at ADB’s Private Sector Operations Department. “Through MPEF III, ADB will help channel growth capital to businesses operating in strategic sectors driving India’s development.”

Headquartered in Mumbai, Multiples was established in 2009 by its founder and chief executive officer Ms. Renuka Ramnath, an experienced and well-regarded private equity professional. Since inception, Multiples has raised two funds totaling approximately $1 billion in committed capital. This is ADB’s first investment in a private equity fund managed by Multiples.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region.