In April, when Multiples Equity founder Renuka Ramnath said she was hitting the road to raise a new $1 billion fund, it was time for reflection. The private equity firm, arguably at its gilded peak, is raising its third fund in eight years, each progressively bigger than the last. Now, as the $405 million first fund nears its end—most private equity funds have eight-year terms—one investment stands out. Its $31 million bet on Vikram Hospitals.
By investing in Vikram Hospitals in 2013, a Mysore-based hospital chain founded by doctor-entrepreneur Dr SB Vikram, Ramnath was buying out ICICI Ventures’ stake, an investment she had led five years prior when she helmed that venture fund.