Plenty Private Equity Fund I (Multiples II)

South Asia Manufacturing, Other consumer services, Health, Communications and IT Services, Financial services

Multiples Alternate Asset Management Private Limited (Multiples) is an Indian investment manager. The Mumbai-based firm specialises in providing mid to late stage growth capital for Indian companies, as well as management buyouts and turnarounds.

Multiples’ second fund, Plenty Private Equity Fund (Plenty), launched in 2015. It is focused on medium-sized Indian companies operating across a variety of sectors including consumer, financial services, healthcare, IT services, logistics and agriculture.

Our investment

In 2015, CDC invested $30 million in Plenty, alongside the IFC and domestic and international investors. This follows on from CDC’s $30 million investment in Multiples I in 2010. The fund closed at a total size of $555 million. The fund manager typically makes investments of between $50 million and $100 million.

Expected impact

Despite improving economic conditions in India there is still a shortage of investment for promising businesses in many sectors of the economy.

Our investment will help the fund manager to build a portfolio of domestic companies which will benefit from strengthening economic growth and consumer demand.

Plenty has completed over ten investments so far. These include investments in Gujarat-based textile manufacturer, Arvind; financial services provider Cholamandalam Investment and Finance; RBL Bank; pharma firm Encube Ethicals; human resources technology company PeopleStrong HR Services; and energy trader, the Indian Energy Exchange.

Environmental and social aspects

The fund manager has a well-established approach to E&S management and we will continue to support and monitor its approach as the portfolio grows.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
India
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Communications and IT Services, Financial services, Health, Manufacturing, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Multiples Investment Advisers
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
April 2015
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$30m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Arvind Ltd

Arvind Ltd is a textile manufacturer. It makes cotton shorts, denim, knitwear and bottomweight fabric.

View investment details

India South Asia Manufacturing March 2014 Active
Vastu Housing Finance Corporation

Vastu Housing Finance Corporation is a platform for housing finance lending which targets lower income groups in smaller cities in India.

View investment details

India South Asia Financial services September 2015 Active
PVR Limited

PVR is the largest multiplex chain in India, with 360 screens across the country and 22% of box office collections of leading Hindi movies.

View investment details

India South Asia Other consumer services September 2015 Active
Encube Ethicals Private Limited

Manufacture of topical formulations which help millions of patients around the world get treatment for various topical disorders & diseases

View investment details

India South Asia Health September 2016 Active
PeopleStrong HR Services Pvt Ltd

y & services player in india with coverage across 'hire to retire' value chain

View investment details

India South Asia Communications and IT Services March 2017 Active
Natco Pharma Limited India South Asia Health October 2017 Active
Sanctum Wealth Management Private Limited India South Asia Financial services March 2018 Active
APAC Financial Services Private Limited India South Asia Financial services December 2018 Active