Global private equity company Bain Capital on Tuesday announced the closing of its second Asia-Pacific special situations fund – Bain Capital Special Situations Asia Fund II (SSA II) - doubling the size of its first fund with commitments of $2 billion.
“The fund closed with total capital commitments of more than $2 billion, exceeding the $1.5 billion target. Bain Capital Special Situations will now have nearly $5 billion of dedicated capital to invest in Asia-Pacific, including a material component of the Global Special Situations fund pool, the India Resurgence Fund (IndiaRF) and specific strategic accounts, the company said in a statement.
IndiaRF, which is promoted by Piramal Enterprises Limited and Bain Capital Credit, has a fund with $1 billion corpus to invest in debt and equity by making distress-to-control investments and special situations across sectors other than real estate, in the Indian market.
In 2017, Bain Capital had launched its first fund with a corpus of $1 billion.
SSA II, which will raise funds from institutional investors from around the world, including pension and sovereign wealth fund, is touted to be the largest dedicated special situations fund in Asia-Pacific.
"It will continue the strategy of Special Situations Asia Fund I by investing opportunistically across industries, asset types and countries in Asia-Pacific. The Special Situations Asia team is uniquely positioned with offices in Greater China, India, Japan, Korea, Southeast Asia and Australia and is now investing more than $1 billion per year,” the statement added.
The team has completed more than 65 transactions totaling over $6 billion in investments, building on the firm’s 15-year track record in Asia-Pacific.
It partners closely with companies and counterparties to invest across capital structures in debt, structured capital solutions, distressed assets, hard asset opportunities, and growth equity. Its largest focus area is real estate.
“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. We leverage these qualities to develop flexible investment solutions across market cycles,” said Barnaby Lyons, managing director and global co-head of Bain Capital Special Situations.
Lyons added, the solutions will include helping companies accelerate their growth journey, providing liquidity for complex or misunderstood assets and supporting entrepreneurs and operators as they grow their platforms.
“We’re investing heavily in our business in Asia-Pacific by continuing to grow our high-caliber and diverse team and by building rewarding career paths for our professionals,” added Lyons.
Bain Capital Special Situations has $15 billion in assets under management (AUM) and has invested $28 billion since its founding in 2002.
As a global asset manager, Bain Capital has offices on four continents with over 1,350 employees with AUM of approximately $160 billion.