Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
India Opportunities Fund SSA (IN/AIF2/21-22/0922) is a SEBI-registered Category II AIF managed by Bain Capital India Advisors Private Limited, the Indian investment management subsidiary of Bain Capital's Special Situations team. 'SSA' = Special Situations Asia. This onshore AIF (registered August 2021) is the India-domiciled companion vehicle to Bain Capital Special Situations Asia II (SSA II) — a 2021 vintage credit special situations fund with a USD 1.5–2 billion target, investing across Asia-Pacific with a 20% India allocation. Bain Capital has been present in India since 2008 and has invested over USD 2 billion in India. Bain Capital Special Situations is focused on providing flexible capital solutions combining credit, equity, corporate, and real asset expertise for companies, founders, and asset owners. The India Special Situations team is led by Suruchi Nangia (MD). In India, Bain Capital also manages a JV with Piramal Group — India Resurgence Fund (IndiaRF) — a USD 629M committed special situations fund (Fund I); IndiaRF Fund II is being raised. The Mumbai Special Situations office is at Unit 1104, 11th Floor, Express Towers, Nariman Point — matching the SEBI AIF address (215 Free Press House = 215 Nariman Point, same area).
Suruchi Nangia
Managing Director
MBA (Indian Institute of Management Bangalore); BE (BITS Pilani)
Suruchi Nangia joined Bain Capital in 2019. She is a Managing Director on the Special Situations team. Prior to joining Bain Capital, Suruchi was at Apollo, focused on its India-dedicated fund, AION Capital, and responsible for private equity, special situations, and credit investments. Previously, she worked on KKR's structured credit investing team in India and at Goldman Sachs in London.
Utsav Baijal
Partner and Head of Special Situations in India
MBA (Indian Institute of Management, Ahmedabad); degree in economics (St. Stephen's College); Aspen Fellow
Utsav Baijal joined Bain Capital in 2025. He is a Partner and Head of Special Situations in India. Utsav focuses on special situations investments across the region and works closely with the broader Asia team. Prior to joining Bain Capital, Utsav was a Partner with Apollo Management. At Apollo, he focused on several asset classes including private equity, hybrid and credit during his 17-year tenure across New York and Mumbai. Utsav most recently served as Head of India and a Partner with the Hybrid Value team in Mumbai. Prior to Apollo, Utsav worked with the Private Equity team at Bain Capital in Boston working extensively in the consumer and retail sectors. Utsav started his career as a management consultant with McKinsey & Company across the New Delhi and Hong Kong offices and was a founder member of their corporate finance practice in India.
Gunjan Bahl
Managing Director, real estate vertical in India
Postgraduate in finance and marketing (Indian School of Business, Hyderabad)
Gunjan joined Bain Capital in 2022 and is based in Mumbai. He is a Managing Director with a focus on the real estate vertical in India. Prior to joining Bain Capital, Gunjan has worked with LOGOS (logistics specialist), Govt. of Singapore Investment Corporation (GIC) and J.P. Morgan Asset Management, where he has invested significant funds in Indian real estate across commercial, residential, hotel and logistics assets.
No insights published yet.
Investments in AIFs carry market and credit risk including possible loss of capital. Past performance does not indicate future returns. Information shown is sourced from the issuer's PPM and SEBI filings — confirm against the latest PPM before committing. Wisefolio is an information platform; it is not registered with SEBI as an investment adviser, portfolio manager, or distributor. By using this page you accept our terms and privacy policy, including the self-attestation that you are eligible to view AIF marketing material under SEBI rules.
Sarang Desai
Operating Partner, Special Situations Portfolio Group, India portfolio
Bachelor's in mechanical engineering (VJTI, Mumbai University); MBA (Indian Institute of Management, Ahmedabad)
Sarang Desai joined Bain Capital in 2024. He is an Operating Partner in the Special Situations Portfolio Group with specific responsibility for the India portfolio. Prior to joining Bain Capital, Sarang was a Senior Vice President with Axis Bank in their Digital Business unit. Previously he was a Senior General Manager with Mahindra & Mahindra Financial Services and an Engagement Manager with McKinsey & Company focusing on Financial Services.
See every PMS strategy and AIF from Bain Capital.