India-focused private equity firm Multiples Alternate Asset Management has reached a first close for its third fund with approximately US$400 million in capital commitments. Investors in the fund include high-net worth individuals Mukesh Ambani, who committed INR1 billion (approximately US$15 million), Binny Bansal and Sunil Munjal. Multiples III was launched in February 2018 with a target of US$750 million and a hard cap of US$850 million. The firm is also reportedly raising a US$350 million co-investment fund to enable limited partners in Multiples III to make additional investments in the fund’s portfolio companies.