Global alternative asset manager Bain Capital is gearing up to launch its credit and special situations business in India to exploit opportunities arising from the ongoing liquidity crisis in the country.
According to a report in The Economic Times, the firm’s credit specialist arm, Bain Capital Credit, has hired Suruchi Nangia as a director, and she is most likely to be part of an independent team that is being formed to spearhead credit operations in the country.
In her new role, Nangia will report to Sarit Chopra, Managing Director, Bain Credit at the Hong Kong office. Chopra joined Bain Capital Credit in 2015, and is a member of the Distressed and Special Situations team based in Bain Capital Credit’s Hong Kong office, according to his profile on the firm’s website.
Nangia is currently serving as a principal at AION India Investment Advisors Pvt Ltd, and is expected to join Bain Capital in October. Prior to AION, she worked with Apollo Global Management as an associate for a little over four years, and at KKR for three years. She started her career as an intern with Goldman Sachs.
Globally, Bain Capital Credit manages assets worth $41 billion and invests in leveraged loans, high-yield bonds, distressed debt and special situations, direct lending, structured products, non-performing loans (NPLs) and equities. It employs about 200 people globally.
Bain is planning additional investments in special situation and distress assets space in India from its $1-billion fund, Bain Capital Special Situations Asia LP. The firm already invests in distressed assets in India through a joint platform with Piramal Enterprises Ltd, which was launched in 2016.
Bain Capital via private equity has already deployed close to $4 billion in India. Its investments include Axis Bank, L&T Finance, Emcure Pharma and engineering services firm Quest Global Services.
Other global investors, too, are vying for a share in India’s credit and distressed assets business.
US private equity giant KKR Inc’s India arm is gearing up to launch an India-dedicated Rs 5,000-crore credit fund. This would be KKR’s third India-focused credit fund. The firm operates its corporate credit business in India through an NBFC and credit funds.
Hong Kong-headquartered alternative asset management firm Baring Private Equity Asia (BPEA) has also reportedly floated a large India-focused credit platform.