Multiples’ managing director Dinesh Tiwari quits

Dinesh Tiwari, managing director of Multiples Alternate Asset Management Pvt Ltd, has resigned from the private equity firm led by Renuka Ramnath. 

Mint reported citing sources that Tiwari has put in his papers after a six-year-stint with the PE firm. 

An email query sent to Multiples did not elicit any response while Tiwari declined to comment.

An Indian Institute of Management Bangalore alumnus, Tiwari joined the Mumbai-based PE firm in May 2010. 

He has previously worked with JP Morgan Partners as executive director for little over a year and at Alcazar Capital Ltd as partner for more than two years working on its emerging markets private equity fund with a focus on the Indian sub continent and the Middle East and North Africa region, according to his LinkedIn profile.

He worked at Standard Chartered Private Equity as director for about two years until 2007. He was also an investment principal at Actis Advisers Pvt. Ltd for five years managing its private equity investments in India till 2005. He worked for another five years as business manager with ICICI Venture Funds Management, which was led by Ramnath, former managing director and chief executive of ICICI Venture, the private equity arm of India’s largest private sector bank ICICI Bank Ltd, before she launched Multiples in 2009.

Tiwari, who holds an MBA from IIM Bangalore, also worked with Honda Siel Power Products Ltd as assistant manager for three years. 

Multiples PE

The PE firm is wrapping up the fundraising process for its second fund, raising more than what it was targeting to lap up the fifth-largest sector-agnostic private equity investment corpus ever raised for India. The fund has two vehicles—the main fund with $550 million and the co-investment fund with $135 million. It was targeting to raise $500 million in its second outing.

With the closure of the second fund, Multiples has $1 billion assets under management (AUM) mark, coupled with the assets under its first fund.

In 2011, it raised its debut $405 million fund in which Canada Pension Plan Investment Board (CPPIB), Dutch pension fund PGGM, UK’s CDC Group and pension and sovereign funds from Europe and West Asia were the anchor investors.

Investments from the new fund include a follow-on investment in its portfolio company from the first fund PVR, India's largest multiplex chain operator. It has also invested in Mumbai-based housing finance firm Vastu Housing Finance Corp and contract development and manufacturing firm Encube Ethicals Pvt. Ltd.

Among exits, the fund marked its first full exit activity by selling its remaining stake in South Indian Bank in January 2015. Last year, it also exited from Murugappa group's financial services firm Cholamandalam Investment & Finance Co Ltd.

Its other investments include trading exchange Indian Energy Exchange, logistics firm Delhivery and SSN Logistics, farm equipment manufacturer Milltec Machinery, and healthcare firm Vikram Hospital, among others.

Of late, several executives in the PE space have moved to either take larger responsibility in another firm or to float a new fund.

In July, Ashutosh Maheshvari has quit Motilal Oswal Group where he was serving as chief executive officer of its investment banking business to launch a structured debt fund.

A month before, Vishal Bakshi, who has been with Goldman Sachs Group for the last 16 years, quit the firm to float his own PE firm Avatar Growth Capital Partners.

Besides, Helion Ventures' Dhruv Kapoor left the fund to head Sistema Asia Fund as its managing director. Also Prashant Kumar, who quit Warburg Pincus in January as principal, joined ChrysCapital in March.

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