Bain expands India credit presence

Suruchi Nangia, who since January 2018 has served as a principal at Aion – a joint vehicle of Apollo Global Management and ICICI Venture focused on special situations – will join Bain Capital Credit in October, as reported by Indian media and confirmed by AVCJ. She will report to Sarit Chopra, a member of Bain’s distressed and special situations team based in Hong Kong.

Bain Capital Credit has more than $39 billion in assets under management worldwide. The firm invests across a wide spectrum of credit strategies including leveraged loans, distressed debt and special situations, direct lending, non-performing loans (NPLs), and equities.

It is already present in India through the India Resurgent Fund, a joint venture established with Piramal Enterprises in 2016 that is targeting $1 billion. By establishing its own team in India, Bain will be able to invest directly from its Asia special situations fund, which launched in 2017 with a target of $750 million and reached a first close of $557 million the same year.

Bain is one of a number of global investors pursuing India’s NPL space. They are attracted by both the growing number of bad loans overburdening the country’s banks as well as policy reforms like the new bankruptcy code, which is expected to strengthen lenders’ ability to recover assets from defaulting borrowers.

Many investors, like Bain and Apollo, have entered the market via partnerships with local specialists. These ventures include funds set up by Värde Partners, Brookfield Asset Management, and J.C. Flowers.

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