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Multiples PE targeting $1 bn for third fund; Rabo Equity backs Global Gourmet

29 January, 2018

Private equity firm Multiples Alternate Asset Management is looking to raise about $1 billion for its third fund, The Economic Times reported, citing two people aware of the development.

The firm may start the roadshows from February and will approach pension funds, sovereign wealth funds and university endowments in North America, Europe, the Middle East and Southeast Asia, the report added.

The PE firm, founded by Renuka Ramnath in 2009, had raised $405 million for its first fund and mopped up about $685 million for its second vehicle in 2016.

The report cited a source as saying that the third fund would aim to achieve its first close by the middle of this year and the final close by December.

Meanwhile, homegrown private equity firm Rabo Equity Advisors Pvt. Ltd has invested $10 million for a minority stake in frozen food company Global Gourmet Pvt. Ltd, Mint reported.

Rabo Equity invested through its India Agri Business Fund II, the report added.

Incorporated in 2006, Vadodara-based Global Gourmet makes ready-made meals in frozen or canned form.

Separately, The Times of India reported that audit and consulting firm KPMG has appointed Srinivas Balasubramaniam as senior partner and head of corporate finance starting February.

KPMG’s corporate finance practice focuses on small and mid-cap companies and would like to step up its presence in bulge-bracket M&A deals, the report said, citing people directly aware of the development.

Balasubramaniam was the dealmaker behind Piramal Enterprises’ investment in Shriram group companies and Blackstone’s acquisition of business parks from DLF, the report said.

In another deal, Times Internet Ltd, a unit of media conglomerate Bennett, Coleman and Co. Ltd, has acquired a majority stake in South Korea-based J2 Interactive, the parent of MX Player, for $200 million (nearly Rs 1,270 crore) in cash, digital media platform The Ken reported last week.

Times Internet is looking to enter over-the-top video segment through this acquisition, the report said, citing sources aware of the development.

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Multiples PE targeting $1 bn for third fund; Rabo Equity backs Global Gourmet

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