The Canada Pension Plan Investment Board (CPPIB) has made its first investment in an India-focused private equity fund.
The pension fund investor agreed to commit up to $100m to the fund managed by India's Multiples Alternate Asset Management, set up by former ICICI Venture managing director Renuka Ramnath less than a year ago.
“I look forward to building Multiples as a bridge between providers of long-term risk capital and the new generation of capital hungry entrepreneurs in India,” said Ramnath.
Multiples Private Equity Fund will be sector agnostic and make long-term growth investments in mid-sized Indian companies, management led buyouts and spin-offs of divisions from large Indian groups.
Multiples' fundraising comes on the crest of a wave of demand for private equity products investing in India, Brazil and China.
Earlier this month, private equity firm Advent International announced a final close of $1.65bn in its Latin America Private Equity Fund V (LAPEF V), with 40% of those assets coming from pension fund investors.
Source: Global Pensions