Bain Capital LP raised $2 billion for its second special situations fund, giving it the biggest pool of capital focusing on complex and structured credit and equity investments in Asia-Pacific.
The second pool of cash is double the size of its first fund and the amount raised exceeded the $1.5 billion target, the Boston-based asset manager said. It will also receive $650 million each from separately managed accounts and its India Resurgence Fund, and a one-third contribution from its $4 billion global fund, Barnaby Lyons, global co-head of special situations, said in an interview.
Global banks scaled back their special situations investing after the 2008 financial crisis as the Volcker rule, part of the Dodd-Frank act passed in 2010, restricted investing. The region’s current dominant players include SSG Capital, which is India and Southeast Asia-focused, and Hong Kong-based PAG, which raised $950 million in its third Asia loan fund in 2018. Goldman Sachs Group Inc. is stepping up through hybrid investing in Asia from its $14 billion strategic solutions funds that focuses on credit and special situations globally, and KKR & Co. last month raised its first dedicated Asia credit fund at $1.1 billion.
Read more: BNN Bloomberg
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