Mint reported Oct. 23 that Multiples Alternate Asset Management is considering a $1 billion to $1.2 billion flagship fund for 2027, a potential raise below two recent billion-dollar-plus Indian private-equity fund closings.
The report cited at least three people familiar with the discussions. Mint said the proposed vehicle could be the firm’s fifth flagship fund and that 50% to 70% of capital from the prior fund had been invested. Mint also described the proposed vehicle as potentially Multiples’ largest fund. Mint said the firm did not answer questions before publication.
Multiples’ May 2023 announcement said Fund IV had received more than $640 million in subscriptions at its first close. It named CPPIB, IFC, SBI, private insurers and domestic family offices among the investors, but did not state the fund’s final size or confirm a 2027 successor.
Published estimates of Fund IV’s target differ. Mint put it at about $800 million in its Oct. 23 report. An Economic Times report in 2023 cited a $1 billion target and an option to invest up to $1.5 billion. Multiples’ announcement confirmed the first close, not the final amount.
In May 2025, Multiples announced a separate $430 million continuation fund. It acquired interests in Vastu Housing Finance, Quantiphi and APAC Financial Services from Fund II and provided follow-on capital. Multiples said some Fund II investors monetized their interests while others reinvested.
The reported target is below two recent Indian private-equity fund closings. Kedaara Capital closed its fourth fund at $1.73 billion in 2024, according to an EY–IVCA report. ChrysCapital’s legal adviser, Cooley, said the firm closed its 10th fund at $2.2 billion in 2025.
In a separate regulatory matter, the Securities and Exchange Board of India issued an order on March 16, 2026, disposing of proceedings over an alleged failure to wind up Multiples Private Equity Fund—Scheme I after its tenure ended. The order says the applicants settled without admitting or denying the findings and paid ₹9,262,500 on Feb. 25, 2026.
Mint’s report points to fundraising in 2027 but does not identify a specific start date or investor commitments.
