Bain Capital is reported to enter credit business in India soon, sets up its independent India team

One of the leading global multi-asset alternative investment firm Bain Capital is reportedly extending its operations in India. Its credit specialist arm, Bain Capital Credit has established an independent Indian team for credit operations. The company has hired Suruchi Nangia as a director of the Indian team.

Suruchi Nangia was principal at another global special situation fund AION Capital. She is reported to join Bain Capital Credit in October. Before AION Capital, she was associated with Apollo Global Management LLC, Goldman Sachs and KKR & Co.

With 200 dedicated professionals around the globe, Bain Capital Credit is managing assets around $41 billion and is a leading global credit specialist. The company invests in high-yield bonds, distressed debt and special situations, leveraged loans, structured products, direct lending, non-performing loans and equities.

Bain handles assets over $100 billion globally under different business verticals such as Credit, Real Estate and Venture Capital, Private Equity and Public Equity. The company is planning to expand its footprints in special and distress assets transactions in India with its newly launched $1 -billion fund – Bain Capital Special Situations Asia LP.

Through India Resurgence Fund jointly with Piramal Enterprises, Bain Capital has already floated a stressed asset fund to invest around a billion-dollar into stressed assets. In addition, it has also invested around $4 billion through private equities. Axis Bank, L&T, Emcure Pharma and Quest Global Services are Bain’s significant portfolios.

Several other major credits or special situation funds are increasingly coming to India. US private equity major KKR is reportedly launching an India-dedicated Rs 5,000 crore credit fund. Cerberus Capital, a global private equity & distress assets investor, is also set to establish its offices in India.