PE firm Multiples eyes $300-400 mn continuation fund to back trophy assets

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Subscribe to enjoy similar stories. Bengaluru/Mumbai: Private equity firm Multiples is looking to launch a $300-400 million continuation fund to remain invested in three of its portfolio companies, three people familiar with the matter told Mint. "The assets include Vastu Housing Finance, APAC Financial Services Pvt Ltd and Quantiphi," one of the people cited above said.

"The fund is expected to roll out in the coming month and the firm wants to continue backing some of these assets," the person added. Mint first reported on Multiples exploring a continuity vehicle in May last year. Also Read: Why continuation funds are the new favourites in investor arsenals Multiples, Vastu, APAC and Quantiphi did not immediately respond to requests for comment.

The development comes as investors look to stay invested in successful portfolio companies even as their fund cycle nears an end to allow their backers, also called limited partners, an exit route. Such sophisticated vehicles have been on the rise among venture capital and private equity firms amid a broader liquidity crunch. Besides Multiples, India Quotient, Kae Capital, Westbridge Capital and Lightbox are exploring similar structures, Mint reported earlier.

In July, Lightbox confirmed that it is considering a $100 million continuity vehicle to continue backing Rebel Foods, Zeno Health, PayMate and Furlenco, among others. Also Read: VC firm Lightbox considers $100-million continuation fund to back mature startups While this is more common in overseas markets, India is also seeing an uptick in continuity funds as investors look at exits. In April, private equity firm ChrysCapital closed its largest ever continuation fund at $700 million, anchored by investors including