Growth equity and control-oriented mid-market private equity fund research profile
Multiples Private Equity GIFT Fund IV is an India-focused growth-equity vehicle managed by Multiples. The IFC project record identifies six attributable portfolio companies—Geniemode, Instant Transport, Qburst Software, Shubham Housing, Svatantra and TI Clean—while the complete fund economics and final close remain undisclosed.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Multiples Private Equity GIFT Fund IV uses a growth equity and control-oriented mid-market private equity approach across Financial services, consumer, technology, healthcare.
Current evidence
The IFC disclosure for Multiples Private Equity GIFT Fund IV was updated in October 2026 and retains six attributable investees as of 1 January 2025; the manager’s 2024–2025 disclosures also document continued Fund IV portfolio and responsible-investing activity.
Strategy
Growth equity and control-oriented mid-market private equity
Sector focus
Financial services, consumer, technology, healthcare
AIF structure context
Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
The IFC disclosure for Multiples Private Equity GIFT Fund IV was updated in October 2026 and retains six attributable investees as of 1 January 2025; the manager’s 2024–2025 disclosures also document continued Fund IV portfolio and responsible-investing activity.
Investor questions
Multiples Private Equity GIFT Fund IV is covered in Rupeia's private equity research universe. The current public record describes the strategy as Growth equity and control-oriented mid-market private equity, with a sector focus of Financial services, consumer, technology, healthcare. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Multiples Private Equity GIFT Fund IV in the reviewed public sources: Geniemode; Instant Transport; Qburst Software; Shubham Housing; Svatantra; TI Clean. It does not represent a complete current portfolio unless the manager has published one.
The fund is still in the investment and value-creation period. Public disclosures identify six investees and current company activity, but fund-specific realised returns, DPI and exits are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: US$640 million-plus first close announced in May 2023; target of US$800 million to US$1 billion for the paired Fund IV structure is disclosed by IFC. Final close is not publicly disclosed.. Public terms or access information: Growth-stage mid-market private equity across financial services, consumer, technology, healthcare and pharmaceuticals; expected average ticket US$50–150 million across 10–12 companies. Fees, carry, hurdle, tenor and reserve policy are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Renuka Ramnath (Founder and Executive Chair); Nithya Easwaran (Managing Director); Sudhir Variyar (Deputy CEO). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: The IFC disclosure reports the GIFT Fund IV project and identifies the six investees in the project portfolio as of 1 January 2025; it does not publish investee-level ownership, fees, carry, tenor or fund-level net returns. The paired India Fund IV vehicle is a separate legal vehicle and is not presented as part of this record..
2026-10-10: The IFC disclosure for Multiples Private Equity GIFT Fund IV was updated in October 2026 and retains six attributable investees as of 1 January 2025; the manager’s 2024–2025 disclosures also document continued Fund IV portfolio and responsible-investing activity.
Next step
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