An equity investment of up to $35 million in Multiples Private Equity Fund III (_Multiples III_), a targeted $750 million India-focused private equity fund ($850 million hard cap) focused on investing in growth stage opportunities in middle-market companies operating in the consumer, financial services, healthcare, and technology sectors.
|Project Name||Multiples Private Equity Fund III Limited|
|Borrower/Company||Multiples Private Equity Fund III Limited
|Type or Modality of Assistance||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Partnerships
Private sector development
|Sector / Subsector||
Finance / Infrastructure finance and investment funds
|Gender Equity and Mainstreaming||Some gender elements|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Private Sector Investment Funds & Special Initiatives Div|
|Responsible ADB Officer||Mahmud, Farshed|
|Description||An equity investment of up to $35 million in Multiples Private Equity Fund III (_Multiples III_), a targeted $750 million India-focused private equity fund ($850 million hard cap) focused on investing in growth stage opportunities in middle-market companies operating in the consumer, financial services, healthcare, and technology sectors.|
|Objectives and Scope||The fund proposes to invest in growth stage opportunities in middle-market companies (with enterprise values ranging from $150 million to $500 million) in India. It may also selectively consider control-oriented and early-stage investment opportunities. Target sectors are consumer, finance, health care and pharmaceuticals, and technology.|
|Linkage to Country/Regional Strategy||
The investment in the fund is consistent with the country partnership strategy, 2018-2022 for India; it (i) highlights the need for recapitalization of the banking subsector to resolve its stressed assets; (ii) includes support for affordable housing, financial inclusion and the health sectors as strategic priorities; and (iii) focusses on the importance of gender equality.
The ADB Operational Plan for Health, 2015 2020 strongly supports private sector approaches to address quality, efficiency, and financing issues in the health sector. Furthermore, the ADB Financial Sector Operational Plan 2011 and its subsequent review in 2017 recommend retaining the focus on finance sector development through investments in banks and non-bank financial institutions and promoting inclusive finance by supporting the housing finance sector. By investing in the fund, ADB is partnering with a leading fund manager that has identified health care and finance as two of its core sectors.
|Summary of Environmental and Social Aspects|
|Environmental Aspects||The potential environment and social impacts and risks associated with the fund's existing and/or likely future portfolio, its existing Environmental and Social Management System (ESMS) and its commitment and capacity for implementing the ESMS, have been assessed as per ADB's Safeguard Policy Statement 2009 (SPS 2009). Multiples will adopt an enhanced Environmental, Social and Governance (ESG) Framework which screens and categorizes investment against ADB's Prohibited Investment Activities List; applies environmental and social requirements to portfolio companies as per its ESG Framework; builds capacity tailored to the needs of the fund; includes a grievance redress mechanism; reports annually or as required to ADB on environmental and social performance.|
|Involuntary Resettlement||In compliance with ADB's SPS 2009, the project is proposed classified as Category FI for involuntary resettlement. The business activities undertaken by MPEF investees are not expected to involve land acquisition that would cause physical or economic displacement impacts.|
|Indigenous Peoples||In compliance with ADB's SPS 2009, the project is proposed classified as Category FI for Indigenous Peoples. MPEF III investments are not expected to cause significant impact on Indigenous Peoples.|
|Stakeholder Communication, Participation, and Consultation||The private commercial nature of investments limits the opportunities for stakeholder engagement. Conduct of consultation in relation to investees business activities, if required, will be carried out in accordance with applicable national laws and regulations and the Safeguard Policy Statement of the Asian Development Bank.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||03 Oct 2018|
|Credit Committee Meeting||08 Nov 2018|
|Approval||13 Dec 2018|
|Last PDS Update||12 Jun 2019|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
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In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Multiples Private Equity Fund III Limited: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Apr 2019|
|Multiples Private Equity Fund III Limited: Report and Recommendation of the President||Reports and Recommendations of the President||Nov 2018|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
None currently available.
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ADB Invests $35 Million in Multiples III to Provide Growth Capital to Mid-Market Companies in IndiaADB 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).