India Resurgence Fund (IndiaRF) is a leading India-focused platform dedicated to investing in special situations, owned and managed as a 50:50 joint venture between Piramal Group (Piramal) and Bain Capital’s Special Situations team (Bain Capital).
IndiaRF provides attractive, long-term, risk-adjusted returns to investors primarily by making control investments either in under-invested or stressed mid-market companies across diverse sectors.
The fund targets to invest across a wide range of sectors, from core manufacturing to consumer focussed businesses to export-oriented and infrastructure sectors, where business transformation can be achieved through recapitalisation and operational strategies, leveraging the strong competitive positioning of these companies.
The platform leverages on the goodwill, reputation and combined strength of Bain Capital’s extensive global expertise in investments across the capital structure, access to a vast network of experts, a rich repository of past deals, and a rigorous approach to diligence and risk management and Piramal's deep knowledge of the Indian market, its entrepreneurial approach to business diligence, and its thorough assessment of promoters, to create and deliver attractive value propositions for investors.
We have fully committed the $629 million from IndiaRF Fund 1, raised from international institutional investors, high net worth investors and family offices. Currently, we are in the process of raising IndiaRF Fund 2 and will be making new investments from this fund going forward. Additionally, we have the ability to tap into further capital through co-investment arrangements with our Sponsors and Investors to address the capital requirements of our portfolio companies.
IndiaRF seeks to make investments in businesses which are either under-invested or stressed through either debt with collateral protection and / or equity with upside potential which we endeavour to structure to ensure protection for principal plus returns.
IndiaRF has the unique ability and expertise to deploy adaptive capital through bespoke structures that are tailored to each business that it invests in. The success of this platform is built on a highly rigorous approach that utilizes industry and company insights along with significant engagement to drive holistic transformation of the portfolio companies.
Piramal Enterprises Limited (PEL) is one of India’s leading diversified companies, with a presence in Pharmaceuticals and Financial Services. Its consolidated revenues were ~US$1.2 Billion in FY2024, with ~40% of revenues generated from outside India.
PEL is listed on the BSE Limited and the National Stock Exchange of India Limited in India.
Bain Capital is one of the world's leading private multi-asset alternative investment firms that creates lasting impact for investors, teams, businesses, and the communities in which we live. Since the founding in 1984, they have applied insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management.