Bain & Piramal to launch $1-bn fund to acquire stressed assets in India

World Bank's investing arm IFC to put $100 million in the new entity

India Resurgent Fund, a Cayman Islands limited partnership and a joint venture between Bain Capital Credit and Piramal Enterprises is set to launch a $1-billion fund for investing in distressed assets in the country.

The fund's size is expected be $1 billion. International Finance Corporation (IFC), the investing arm of the World Bank, is planning to put around $100 million in the new fund, alongside the sponsors' investment of $200 million; the rest will come through fundraising, according to IFC.

The two Sponsors of IndiaRF, established in 2016 and headquartered in Mumbai, have an equal commitment of $100 million each, with the