IndiaRF Commences Second Round Fundraising Targeting $1 Billion
The India Resurgence Fund (IndiaRF), a special situations investment platform sponsored by Piramal Enterprises and Bain Capital Credit, has begun discussions with its limited partners (LPs) to raise its second fund, which aims to raise up to $1 billion, according to sources familiar with the development. The first fund had a $629 million corpus and two main LPs: Canada Pension Plan Investment Board (CPPIB), a Canadian pension fund manager, and IFC, a World Bank arm. CPPIB contributed $225 million to the fund, while IFC contributed $100 million. Piramal Group and Bain Capital Credit each contributed $100 million as sponsors.
"The plans for the second fund have been approved by Bain and the two main limited partners, CPPIB and IFC." The fund's corpus is expected to be $1 billion. "CPPIB is likely to commit $250-300 million, while IFC may write a $100 million or larger cheque," one of the above-mentioned sources said.
He added that the first closing of the second IndiaRF fund is expected in December.
IFC, Bain Capital, and CPPIB all declined to comment. An email sent to the Piramal group remained unanswered as of press time.
IndiaRF's strategy focuses on investments in diverse sectors ranging from industrial to infrastructure to consumer, where a business's turnaround can be scripted through recapitalisation and operational turnaround.