Bain raises $2b for Asia special situations fund
Bain Capital has closed its second Asia special situations fund with more than USD 2bn in commitments. The firm described it as the largest vehicle in the region dedicated to the likes of direct lending, mezzanine debt, and distressed asset opportunities.
The fund, which exceeded its USD 1.5bn target, takes the special situations team's overall firepower to nearly USD 5bn. This also includes an allocation from the global special situations fund pool, the USD 1bn India Resurgence Fund – a distress-focused platform launched in conjunction with Piramal Enterprises – and certain separately managed accounts.
Bain closed its debut Asia special situations fund in 2018, having raised approximately USD 1bn against a target of USD 750m. Fund II will take the same approach as its predecessor, investing across the capital structure in debt, structured solutions, distressed assets, hard assets, and growth equity. While officially agnostic in terms of industries and asset classes, real estate is the largest focus area.
Working out of offices in Greater China, India, Japan, Korea, Southeast Asia, and Australia, Bain claims the team is deploying more than USD 1bn a year. More than USD 6bn has been put to work to date across over 65 transactions. Prior to raising its first dedicated Asia fund, the firm invested in the region from its global funds.
"Today's dynamic and diverse Asia Pacific markets require an investor who can match local relationships with a deep global platform and expertise across a range of complex investment structures," said Barnaby Lyons, a managing director and global head of special situations.
"We leverage these qualities to develop flexible investment solutions across market cycles. This includes helping companies accelerate their growth journey, providing liquidity for complex or misunderstood assets, and supporting entrepreneurs and operators as they grow their platforms."
Bain has USD 160bn in assets under management (AUM) globally, of which USD 15bn is in special situations. Within private equity in Asia, the firm is currently deploying its fourth pan-regional fund, which closed on USD 4.65bn in 2018, and a dedicated Japan fund of USD 1bn.
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