IndiaRF kicks off talks for $1 bn fund
IndiaRF), a special situations investment platform sponsored by Piramal Enterprises and Bain Capital Credit, has started talks with its limited partners (LPs) to raise its second fund that seeks to garner up to $1 billion, sources aware of the development told ET.
The first fund had a corpus of $629 million with two main LPs — Canadian pension fund manager Canada Pension Plan Investment Board (CPPIB) and World Bank arm IFC. CPPIB had committed $225 million to the fund, while IFC invested $100 million.
Piramal group and Bain Capital Credit invested $100 million each as sponsors.
«Bain and the two main limited partners CPPIB and IFC are on board with the plans for the second fund.
They are targeting a corpus of $1 billion for the fund. CPPIB is likely to commit around $250-300 million, while IFC may write a $100 million or bigger cheque,» said one of the sources cited above.
A first closing of the second IndiaRF fund is expected by December, he added.
Bain Capital, IFC and CPPIB declined to comment. An email sent to Piramal group went unanswered till press time.
IndiaRF's strategy targets investments across diverse sectors from industrial, infrastructure to consumer, where a turnaround of a business can be scripted through recapitalisation and operational turnaround.
Its investments include Impresario Entertainment, which runs the popular chain of pubs under the brand Social.
IndiaRF acquired a majority stake in Impresario in 2022 for ₹550 crore. Other investments include Archean Chemical Industries, Setco Automotive, Primacy Industries and Thrissur Expressways.
Archean Chemical went public in November 2022.
IndiaRF sold a stake worth around ₹575 crore in the IPO. IndiaRF had related entities continue to hold a 13.57%
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