Bain Capital raises $9 bn for special situations fund

By Siddhant Mishra

  • 19 Nov 2024
Barnaby Lyons, Global Head of Special Situations at Bain Capital

Bain Capital, which recently joined the cap table of an auto component and construction equipment maker in India, has completed the fundraising for its latest special situations fund. Following this fundraise, the global investment major ranks among the largest special situations investors. 

The company announced that it has raised a total of $9 billion (nearly Rs 76,000 crore) for its latest ‘Global Special Situations Fund’. The capital base includes Global Special Situations Fund II, which received $5.7 billion in total commitments — inclusive of co-investments and separately managed accounts — and $3.3 billion from the firm’s previously closed Special Situations Asia and Europe regional funds.  

Bain Capital’s “Special Situations” strategy has more than $20 billion in assets under management. It has 18 offices globally and has completed more than 900 deals in the space since inception, according to its website.  

On a global scale, this strategy pursues both structural and cyclical opportunities primarily across three classes: Capital solutions, which entails investing in and partnering companies to fund growth and M&A, provide liquidity, and optimise the capital structure; Hard assets, which involves supporting asset owners and operators to structure tailored investments and opportunistic distressed class, which means investing in complex and often misunderstood assets in dislocated market environments. 

“Structural shifts are creating opportunities for capital providers to fill the gaps between traditional strategies and provide enhanced value,” said Barnaby Lyons, Partner and Global Head of Special Situations. “We’ve built one of the largest and most global special situations teams with over 140 investment professionals across four continents.”   

Recent investments from the firm’s Special Situations strategy include AQ Compute, a green energy-powered modular data centre and colocation services provider in Europe; Tyger Capital, a financier based in India; MRO Holdings, an aircraft maintenance solutions provider; and Sikich, a professional services firm in North America. 

Bain Capital had, in September, invested an undisclosed amount in auto component and construction equipment maker RSB Transmissions to help it pursue organic growth and M&A opportunities in India. Bain Capital, being a multi-asset alternative investment firm, invests via various asset classes like private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus.  

In India, the investment giant has invested in the likes of Hero MotoCorp, Porus Labs, J.M. Baxi, and Quest Global.