India Resurgence Fund (IndiaRF) is a leading India-focused distressed investment platform, sponsored by Piramal Enterprises Limited (‘PEL’) and Bain Capital Credit (‘BCC’), which seeks to provide attractive, long-term, risk-adjusted returns to investors primarily by making distressed to control investments in Indian companies.

The fund targets to invest across diverse sectors from industrial to infrastructure to consumer, where a turnaround of particular business from recapitalisation and operational turnaround can be scripted, on back of attractive positioning of such business on the competitive landscape.

The platform leverages on the combined strength of BCC’s global acumen and PEL’s deep in-country experience, goodwill and reputation, to create and offer attractive value propositions for global marquee investors. We are currently investing from our $629 mm IndiaRF Fund I, raised from international institutional investors, high net worth investors and family offices. We have the ability to tap additional capital through co-invest arrangements with our Sponsors and Investors to address the capital requirements of our investees.

IndiaRF seeks to make investments in assets which are in distress through purchase of existing debt and equity securities through bankruptcy courts or directly from lenders or newly issued securities, so as to take control over the turnaround of such assets.

IndiaRF has the unique ability and expertise to deploy flexible 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 deep industry/company insights and significant engagement to drive holistic turnarounds.


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$1.9 Billion in FY2019, with ~40% of revenues generated from outside India.

PEL is the flagship company of Piramal Group, a global business conglomerate with offices in over 30 countries, brand presence in more than 100 markets and an employee strength of over 10,000 employees across 21 nationalities. Driven by its core values, Piramal Group steadfastly pursues inclusive growth, while adhering to ethical and values-driven practices.

PEL is listed on the BSE Limited and the National Stock Exchange of India Limited in India.


Bain Capital Credit (BCC) is a leading global credit specialist with more than ~US$ 39.7 Billion in AUM. The firm invests across the full spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans (NPLs) and equities.

Founded in 1998, Bain Capital Credit has organically grown into a global organization with over 310 professionals operating from a network of thirteen offices across four continents.



Consolidated revenues in FY2019


Revenue CAGR over the last 31 years


Acquisitions over the last 30 years


Employees across 21 nationalities

As of March 2020

Assets under management


Company founded


Professionals operating from a
network of thirteen offices


Offices across four continents

Data estimated as of March 2020. Bain Capital Credit AUM includes Bain Capital Credit, LP, its subsidiaries and credit vehicles managed by its AIFM affiliate.