India Resurgence Fund

Transforming and Growing Great Companies

50:50 joint venture between Piramal Group and Bain Capital's Special Situations team
Fully committed $629 million from IndiaRF Fund 1
Currently raising IndiaRF Fund 2

AIF

Overview

About India Resurgence Fund

India Resurgence Fund (IndiaRF) is a leading India-focused platform dedicated to investing in special situations, owned and managed as a 50:50 joint venture between Piramal Group (Piramal) and Bain Capital's Special Situations team (Bain Capital). The fund has fully committed the $629 million from IndiaRF Fund 1, raised from international institutional investors, high net worth investors and family offices. The firm is in the process of raising IndiaRF Fund 2 and will make new investments from this fund going forward.

Investment philosophy

IndiaRF seeks to make investments in businesses which are either under-invested or stressed through either debt with collateral protection and / or equity with upside potential which the firm endeavours to structure to ensure protection for principal plus returns. The firm focuses on either under-invested or stressed businesses, dealing with challenges of high debt, shareholder disputes, cash flow strains, project delays or re-investable profits diverted for high-cost legacy debt as well as succession challenges that hinder reinvestment in growth. The firm structures its deals with a focus on downside protection for principal plus returns through compelling entry valuations and / or structures like convertibles, secured collateral, waterfall priorities designed to provide this safeguard, and align key decision-making with investor returns through positive or negative control mechanisms. The firm focuses on transforming businesses through its control positions and intense operational engagement with all concerned stakeholders.

AIF funds3

India Resurgence Fund

Registered 2017

Cat II4 in team

India Resurgence Fund 2

Registered 2023

Cat II4 in team

India Resurgence Synergies Fund

Registered 2026

Cat II

Team25

Shantanu Nalavadi

Managing Director

Shantanu Nalavadi is the MD of IndiaRF, overseeing resolution-focused investing in distressed assets from India's large NPL pool, targeting sectors such as industrials, infrastructure, and manufacturing. A Chartered Accountant with 20+ years in financial services, he was previously Co-Head of the Structured Investment Group at Piramal Enterprises (USD 350M+ AUM). He spearheads the on-ground team for deal execution, turnarounds, sponsor engagement, and operational improvements.

Ajay Piramal

Chairman, Piramal Group (Co-Sponsor)

Ajay Piramal is the Chairman of Piramal Group, the co-sponsor of IndiaRF at 50% alongside Bain Capital. He built the Piramal Group from a textile conglomerate into a global pharma and financial services powerhouse. He articulated IndiaRF's thesis: 'effective resolution would release capital for banks to fund new capital asset formation, which would in turn fuel future economic growth for the country.'

Anand Kashikar

SEBI Contact Person

Anand Kashikar is the SEBI-designated contact person for India Resurgence Fund Scheme 2, based at Piramal Tower, Lower Parel, Mumbai.

Mitesh Kothari

Director, Investments

Mitesh Kothari is a Vice President at India Resurgence Fund, contributing to deal sourcing, execution, and portfolio management.

Shitij Kale

Managing Director, Investments

Abhishek Ruwatia

Senior Director, Investments

Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.

India Resurgence Fund

Overview

About India Resurgence Fund

Investment philosophy

AIF funds3

Team25

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