MUMBAI: Bain Capital, international’s main non-public multi-asset opportunity funding firm, is prepared to extend its operations in credit & unique situations commercial enterprise in India. Bain Capital Credit, its credit professional arm, has employed Suruchi Nangia as a director as a part of putting in an independent Indian team for credit score operations, two human beings near the development said. Nangia, former main at any other global unique conditions fund AION Capital, will be part of Bain Capital Credit in October this yr.
Prior to AION Capital, Ms. Nangia had her stint with Apollo Global Management LLC, KKR & Co, and Goldman Sachs. In her new function, Nangia will report to Sarit Chopra, Managing Director, Bain Credit at Hong Kong workplace. Chopra who joined Bain Capital Credit in 2015, is a member of the Distressed and Special Situations group primarily based in Bain Capital Credit’s Hong Kong office. Chopra reports to Barnaby Lyons, another MD based out of Hong Kong.
Bain Capital Credit is a leading global credit score specialist with $41 billion in property underneath management. It invests in leveraged loans, excessive-yield bonds, distressed debt and special conditions, direct lending, dependent merchandise, non-acting loans (NPLs) and equities. It has a crew of 200 professionals throughout the globe.
Bain, under numerous commercial enterprise verticals along with Private Equity, Public Equity, Credit, Venture Capital, and Real Estate, handles about $one hundred and five billion in belongings underneath control globally.
Bain Capital is about to amplify its foothold in unique situation and misery property transactions in India with extra investments from its newly launched $1 -billion fund – Bain Capital Special Situations Asia LP, ET stated closing yr. Bain is putting in a committed India crew and started the hiring system, in line with the ET record.
In India, Bain Capital had floated a burdened asset fund – India Resurgence Fund collectively with Piramal Enterprises in 2016 to make investments about $1 billion into stressed assets.
Suruchi Nangia, Bain Capital and AION Capital spokespersons declined to comment.
In India, Bain has already deployed close to $4 billion thru personal fairness direction. Bain’s fundamental portfolio consists of Axis Bank, L&T Finance, Emcure Pharma and engineering services firm Quest Global Services.
The important worldwide credit score or special state of affairs finances are within the method of putting in their offices in India.
“There is an increasing opportunity in the credit area due to ongoing liquidity crisis in India which has propelled those price range to boom their awareness in India,” stated a Mumbai based PE fund manager. Many agencies with leveraged stability sheets are turning to these funds to elevate capital thru structured merchandise to bridge their capital necessities which are not being met with the aid of banks or NBFC in the cutting-edge market, he delivered.
US non-public fairness massive KKR’s India arm is set to release an India-committed Rs five,000-crore credit score fund, ET reported in April. KKR which operates its company credit business in India through an NBFC and credit score funds has accomplished near $6-billion really worth of deals thus far.
Global non-public equity & distress assets investor Cerberus Capital is likewise putting in its India office and hired Indranil Ghosh, any other important at AION Capital as MD& Head of India operations. In February, New York-based totally personal fairness fund Lone Star had hired Ambrish Singh, former director of Global Credit & Special Situations Group, at Merrill Lynch, for heading the distressed debt and unique state of affairs business in India and southeast Asia.