MUMBAI: Bain Capital, world’s leading private multi-asset alternative investment firm, is all set to expand its operations in credit & special situations business in India. Bain Capital Credit, its credit specialist arm, has hired Suruchi Nangia as a director as part of setting up an independent Indian team for credit operations, two people close to the development said. Nangia, former principal at another global special situations fund AION Capital, will join Bain Capital Credit in October this year.
Prior to AION Capital, Ms Nangia had her stint with Apollo Global Management LLC, KKR & Co and Goldman Sachs. In her new role, Nangia will report to Sarit Chopra, Managing Director, Bain Credit at Hong Kong office. Chopra who joined Bain Capital Credit in 2015, is a member of the Distressed and Special Situations team 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 specialist with $41 billion in assets under management. It invests in leveraged loans, high-yield bonds, distressed debt and special situations, direct lending, structured products, non-performing loans (NPLs) and equities. It has a team of 200 professionals across the globe.
Bain, under various business verticals such as Private Equity, Public Equity, Credit, Venture Capital and Real Estate, handles about $105 billion in assets under management globally.
Bain Capital is set to expand its foothold in special situation and distress assets transactions in India with additional investments from its newly launched $1 -billion fund – Bain Capital Special Situations Asia LP, ET reported last year. Bain is setting up a dedicated India team and started the hiring process, according to the ET report.
In India, Bain Capital had floated a stressed asset fund – India Resurgence Fund jointly with Piramal Enterprises in 2016 to invest 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 through private equity route. Bain’s major portfolio include Axis Bank, L&T Finance, Emcure Pharma and engineering services firm Quest Global Services.
The major global credit or special situation funds are in the process of setting up their offices in India.
“There is an increasing opportunities in the credit space due to ongoing liquidity crisis in India which has propelled these funds to increase their focus in India,” said a Mumbai based PE fund manager. Many companies with leveraged balance sheets are turning to these funds to raise capital through structured products to bridge their capital requirements which are not being met by banks or NBFC in current market, he added.
US private equity giant KKR’s India arm is set to launch an India-dedicated Rs 5,000-crore credit fund, ET reported in April. KKR which operates its corporate credit business in India through an NBFC and credit funds, has executed close to $6-billion worth of deals so far.
Global private equity & distress assets investor Cerberus Capital is also setting up its India office and hired Indranil Ghosh, another principal at AION Capital as MD& Head of India operations. In February, New York-based private equity fund Lone Star had hired Ambrish Singh, former director of Global Credit & Special Situations Group, at Merrill Lynch, for heading the distressed debt and special situation business in India and South East Asia.