# Multiples Alternate Asset Management

Multiples Alternate Asset Management is a Private Equity based in Mumbai, Maharashtra, India.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Mumbai, Maharashtra, India
- **Region:** Asia
- **Address:** Mumbai, India
- **Founded:** 2009
- **Assets under management:** Undisclosed
- **Website:** multiplesequity.com
- **LinkedIn:** https://www.linkedin.com/company/multiples-alternate-asset-management-pvt-ltd

## Regulatory record

- **CRD number:** 330568
- **SEC file number:** 802-130746
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2025-07-02T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/330568

## About

MULTIPLES ALTERNATE ASSET MANAGEMENT PRIVATE LIMITED is an exempt reporting adviser in Mumbai, Maharashtra.

## Sectors

- Financial Services
- Enterprise Software
- Healthcare Services
- Consumer
- Infrastructure

## People

- Renuka Ramnath — Founder, Managing Director & CEO

## Questions

### Who makes investment decisions at Multiples Alternate Asset Management?

Renuka Ramnath, the founder and CEO, leads the investment committee and is closely involved in every deal decision. The senior team includes managing directors with sector specialization across financial services, technology, consumer, and healthcare. The decision-making structure is centralized around Ramnath and a small group of long-tenured partners, keeping the approval process fast and personal.

### How does Multiples source proprietary deal flow in India?

The firm relies heavily on Renuka Ramnath's three-decade network across India's promoter families and corporate leaders. Rather than competing in broad auctions, Multiples often sources deals through direct introductions to founder-owners who are seeking a long-term minority or control partner. This access creates a pipeline of opportunities that global PE firms and institutional processes frequently bypass.

### Does Multiples invest in public markets or only private companies?

Multiples is exclusively a private equity investor and does not operate a public-markets fund. All three of its core fund vehicles invest directly in private companies through growth equity, minority, and control transactions. The firm has occasionally held positions in formerly public companies, such as RBL Bank, where the investment was initially made through a preferential allotment rather than open-market purchases.

### How is Multiples related to ICICI Venture?

Renuka Ramnath was previously the CEO and Managing Director of ICICI Venture, one of India's oldest and largest private equity firms. She left ICICI Venture in 2009 to establish Multiples as an independent platform. There is no ongoing institutional or ownership connection between the two firms, though Ramnath's track record and network from her ICICI tenure inform Multiples' deal-sourcing approach.

### Which sectors does Multiples explicitly avoid?

Multiples does not invest in real estate development, commodities, or early-stage technology ventures at the seed or Series A stage. The firm also avoids sectors with high regulatory unpredictability where policy changes can override business fundamentals. Its focus remains on cash-flow-positive or near-positive businesses in financial services, enterprise tech, consumer, healthcare, and select infrastructure services.

## Related profiles

- [Multiple Capital](https://altss.com/profile/multiple-capital)
- [Multiply Ventures](https://altss.com/profile/multiply-ventures)

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Last updated: 2026-08-14T12:30:00.000Z

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