Bain Capital Announces Final Close of Asia Fund VI, Raising $10.5 Billion in Total Capital

Bain Capital today announced the final close of Bain Capital Asia Fund VI (“Asia Fund VI”), raising $10.5 billion in total capital, including approximately $9.1 billion of external commitments, exceeding its original target of $7 billion. In keeping with the firm’s heritage across all its funds, Bain Capital partners, employees, and related entities committed the balance of capital and collectively are the single largest investor in the fund. The fundraise underscores strong investor confidence in Bain Capital’s Asia private equity platform as the firm marks 20 years of investing in the region.

Over that time, Bain Capital has built one of Asia’s leading private investment platforms by bringing the firm’s expansive value creation capabilities to local markets through deep on-the-ground professionals, sector expertise, and close partnership with management teams. Today, Bain Capital combines the reach and resources of a global leader with the strength of a regionally focused platform.

Across Asia, Bain Capital has built a fully integrated platform spanning Japan, India, China, Australia, and Korea, with nearly 200 investment and operating professionals investing across Technology, Industrials, Consumer, Healthcare, and Business and Financial Services. The platform also benefits from close collaboration across Bain Capital’s global private equity and adjacent businesses including Credit, Insurance, Real Estate, Special Situations, and Tech Opportunities, which bring additional expertise, flexibility, and resources to complex opportunities across the region.

“Bain Capital’s private equity business has always been built around helping companies realize their full potential through operational improvement, strategic change, and close partnership with management teams,” said Yuji Sugimoto, Partner and Head of Asia Private Equity. “Over the past 20 years, we have built those capabilities into our Asia platform in a way that combines local insight with the broader strengths of Bain Capital, and that has enabled us to deliver strong outcomes for our investors and partner companies across market cycles. We continue to see significant opportunity across the region, and we are investing in our people, our technology, and the broader capabilities of the platform so we can keep scaling in a disciplined way and delivering over the long term.”

Bain Capital’s Asia platform is particularly well positioned for complex, change-oriented situations where local leadership, operational expertise, and strategic execution can create a meaningful advantage. These include corporate carve-outs, founder transitions, industry consolidation, domestic restructuring, and cross-border growth opportunities, where the ability to combine on-the-ground capabilities with broader sector and platform resources can be a significant differentiator. Asia Fund VI further strengthens Bain Capital’s ability to pursue these opportunities across the region and continue partnering with businesses through growth, transformation, and long-term value creation.

TVS Capital Funds Onboards Kal Raman as Venture Advisor

TVS Capital Funds, a prominent rupee capital growth private equity fund manager, has onboarded Kal Raman, President, Bolt, as a distinguished venture advisor. His expertise and insights are poised to make significant contributions to TVS Capital Funds’ mission, further enhancing its strategic capabilities.

As the President of Bolt, Kal Raman leads the engineering, product, and customer experience teams. A seasoned veteran of the e-commerce industry, Raman has held executive positions at Amazon (S-team), Samsung, Groupon, and Walmart. Additionally, he has provided leadership to various other companies and contributed as a board member or advisor at BigCommerce, Feedvisor, and Solana Labs.

Commenting on Kal Raman’s appointment, Gopal Srinivasan, Chairman and Managing Director, TVS Capital Funds, said, “We are delighted to have Kal Raman as a venture advisor. His profound insights, innovation-oriented leadership, and extensive experience will help us bolster the capability capital that we provide to entrepreneurs shaping India’s growth story. As we advance in our mission of empowering next-gen entrepreneurs and deepening the pools of rupee capital supporting the country, we look forward to the valuable contributions he will bring to our journey.”

Kal Raman, Venture Advisor, TVS Capital Funds, said, “Manufacturing, distribution, and last-mile delivery aided by AI is ripe for unlocking value while improving customer experience in India. Proud to partner with TVS Capital Funds in guiding next-gen entrepreneurs on innovation to create a world-class golden standard for customer experience.”

Over the past year, TVS Capital Funds has been steadily strengthening its leadership team. This includes the appointment of Anuradha Ramachandran in October 2022, Krishna Ramachandran in February 2023, and Naveen Unni in June 2023 as Managing Partners and the appointment of Ramesh Iyer, Vice-Chairman and MD of Mahindra Finance, as a Board Member in November 2023.

About TVS Capital Funds

TVS Capital Funds is one of the largest rupee capital growth fund managers, with an AUM of ~₹2000 crores. The fund partners with top-quality next-gen entrepreneurs in the financial services and B2B services space. It provides them with capability and capital, thereby supporting them to grow into great businesses with strong long-term attractiveness. The firm delivers this capability through its experienced leadership team as well as a strong network of industry experts and advisors. TVS Capital is in the process of raising its next growth private equity fund, which will be the fourth fund in the stable. For more information, visit www.tvscapital.in/

In An Asia's Largest of 2023, Bain Capital Closes 5th Pan-Asia PE Fund At $7.1 Bn, Exceeds Target by 40%

Boston-based private investment firm, Bain Capital, has completed the final close of its 5th pan-Asia private equity fund (Bain Capital Asia Fund V) at $7.1 billion, exceeding its target by 40%, reported news agency Reuters.

With an initial target of $5 billion, Bain Capital started fundraising for 5th Fund in the second half of last year.

At $7.1 Billion, the fund is Bain Capital's biggest to date for Asia and also the region's largest private equity fund raised this year, according to Preqin data.

The investment firm itself committed $750 million to this latest fund. Japan will be the focus area of the latest fund.

David Gross, Bain Capital's Asia managing partner, told Reuters that he sees investment opportunities in service businesses for healthcare, information and entertainment sectors, software companies and consumer sectors especially in Japan and India.

This comes within a month after Bain Capital and Smith Hill Capital, an affiliate of Procaccianti Companies, formed a joint venture to launch a private lending platform with the objective of deploying $1 billion of gross capital over the next several years.

Asia-focused fundraising totalled $73 billion so far this year, nearly half of 2022's annual amount and less than a third of the $299 billion raised in 2021, said the Reuters report on the basis of Preqin data.

In June this year, Bain Capital was ranked 13th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.

Bain Capital's businesses include private equity, venture capital, public equity, and credit.

Naveen Unni Joins TVS Capital Funds as Managing Partner

TVS Capital Funds continues the systematic strengthening of its leadership team

TVS Capital Funds, a leading rupee capital private equity fund, is thrilled to announce that Naveen Unni has stepped into the role of Managing Partner. Known for investing in tech-driven financial services and B2B services, the firm has managed ₹3500 crores across 3 funds and 32 investments under its track record.

Naveen Unni, an industry veteran with 20 years of consulting experience, specialises in business transformation, digital strategy, and leadership development. He has a 20-year track record of leadership at McKinsey and Company, where he served as the Managing Partner for the Chennai office and led the India sustainability practice. Joining a solidified leadership team, Naveen Unni will enhance TVS Capital’s long-term vision of offering a steadfast capital platform to upcoming entrepreneurs.

Commenting on Naveen Unni’s appointment, Gopal Srinivasan, CMD, TVS Capital Funds, said, “Naveen [Unni] comes with global consulting experience with significant exposure to comprehensive business transformation and digital strategy initiatives. This is of deep value for us at TVS Capital, where we partner with next-gen entrepreneurs in business building, especially those in the venture growth stage. This assumes more significance as we are preparing the launch of our next fund, to be led by the expanded competent leadership team to offer comprehensive solutions to portfolio entities.”

Naveen Unni, Managing Partner, TVS Capital Funds, said, “I am delighted by the opportunity to empower India’s NextGen entrepreneurs. What Gopal [Srinivasan] and the team have built over the past 15 years is exceptional – and the opportunity to join this mission to forge a leading Indian private capital institution with Gopal [Srinivasan], Anuradha [Ramachandran], Krishna [Ramachandran], and the rest of the TCF team is a privilege. I look forward to bringing my two decades’ experience in strategy and business transformation consulting and practice building, to support our business partners, our clients, and the TCF ecosystem.”

Over the last 18 months, in preparation for Fund-4, TVS Capital Funds has fortified its leadership team by bringing on board Anuradha Ramachandran as Managing Partner – Investments, Krishna Ramachandran as Managing Partner and Chief Operating Officer, and Praveen Sridharan as Partner – Investments, and by promoting Gaurav Sekhri to Partner.

About TVS Capital Funds

TVS Capital Funds, with an AUM of ~₹2000 Cr, is preparing to launch its next growth fund soon, building upon its mission to empower tech-driven businesses. Its third fund backs top-quality next-gen entrepreneurs piloting technology-driven businesses in financial services and B2B/enterprise services and includes some industry leaders such as Go Digit, Five Star Business Finance, and Yubi (Cred Avenue).

For more information, visit www.tvscapital.in.

Kinara Capital Closes INR ~200 Cr in Fresh Equity, Led by British International Investment (BII)

• Existing Investors Nuveen and Triple Jump’s AMP Fund Participated in this Equity Round led by British International Investment (BII)
• Funding to Advance Sustainable Financial Inclusion of Small Business Entrepreneurs in India and support Over 1 Million Jobs in Local Economies
• Kinara aims to grow 5x by 2025 and reach 2,00,000 MSMEs in 100+ cities

Kinara Capital, a fast-growing fintech for India’s small business entrepreneurs, today announced closing a fresh equity round of INR ~200 crores led by British International Investment (BII), the UK’s development finance institution and impact investor. Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in this round. This equity investment will aim to propel Kinara Capital to grow 5x by 2025 and reach an AUM of INR 6,000 crores by democratizing access to formal financial inclusion with its myKinara App.

Hardika Shah

More than 300 MSME sub-sectors across Manufacturing, Trading, and Services sectors can digitally avail myKinara collateral-free business loans in the range of INR 1-30 lakhs. Powered by the advanced use of AI/ML, the company’s myKinara App can take small business entrepreneurs from loan decision-to-disbursement within 24-hours. Kinara Capital plans to reach over 2,00,000 MSMEs across 100+ cities in India in the next three years. The social impact of this growth is expected to support over 1 million jobs in local economies and generate over INR 3,000 crores in incremental income for small business entrepreneurs.

Kinara Capital’s other main equity investors include Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF), and Patamar Capital. Edelweiss Financial Services Limited acted as the exclusive advisor for the transaction.

Alex Ellis, British High Commissioner to India, said: “Women-led Fintech Company Kinara champions female empowerment and provides easier access to capital for small entrepreneurs across India. The British Government is proud to support the company through BII's investment. The UK remains committed to solving the biggest global development challenges by supporting sustainable and inclusive economic outcomes for all.”

Hardika Shah, Founder & CEO, Kinara Capital, said, “We are honored to onboard British International Investment (BII) as our latest equity investor. The combined expertise and capital infusion from BII, Nuveen and Triple Jump, will expand Kinara Capital’s offerings to meet the rising demand of the MSME sector in India. This year, India’s GDP growth has exceeded pre-pandemic levels signifying the resilience and growth prospects of small business entrepreneurs. With this support, we, at Kinara Capital, are further motivated to deliver on our mission of financial inclusion.”

Manav Bansal, Managing Director and Head of India, British International Investment, said, “BII seeks to invest in companies that demonstrate strong development impact capacity and offer tech-enabled innovative solutions with high potential for scalability. Kinara Capital meets these criteria, and we are especially excited by its commitment to helping to expand financial inclusion to MSMEs, including increasing women’s access to finance which in turn promotes women’s entrepreneurship. I am pleased that our flexible capital will help boost productivity within India’s MSME sector and facilitate entrepreneurial growth that will continue to transform the nation’s economy.”

Rekha Unnithan, Managing Director & Co-Head of Private Impact Investing, Nuveen, said, “We value our commitment to Kinara Capital, so it is a great joy to collaborate with British International Investment (BII) who share our undertaking to drive financial inclusion in India with a digital-first approach. We are happy to participate in this round of investment for Kinara Capital who we consider to be at the forefront of driving financial inclusion with its digital processes combined with a personalized approach.”

Orsolya Farkas, Equity Manager, Triple Jump, said, “We gladly participated in this round of investment for Kinara Capital, led by British International Investment (BII). We believe that this round will give an additional boost to Kinara’s expansion plans to extend formal financial inclusion to thousands of MSMEs in India. We are glad to be a part of this growth journey and believe that Kinara Capital has the right combination of technology and tactics for an impactful shift for small business entrepreneurs, particularly women entrepreneurs.”

Kinara Capital is woman-founded and women-led, and qualifies under the 2X Challenge – an initiative launched by the development finance institutions (DFIs) of the G7 to deploy and mobilise capital to support projects that empower women as entrepreneurs, business leaders, employees and consumers. To further gender inclusivity in the MSME sector, Kinara Capital has extended an automatic discount to all women entrepreneurs with its HerVikas program.

Kinara Capital adheres to international Environmental, Social, Governance (ESG) standards for financial service providers, particularly the International Finance Corporation Performance Standards (IFC PS), Client Protection Pathway (CPP), United Nations Women Empowerment Principles (UN WEP), and is committed to advancing United Nations Sustainable Development Goals (UN SDGs) with financial inclusion.