Bain Capital is in advanced discussions to provide approximately $500m in private credit financing to Indian real estate developer RMZ Corp, as the Canada Pension Plan Investment Board (CPPIB)-backed business seeks capital to support expansion ahead of a potential initial public offering, according to Private Equity Wire. The report says the information was attributed to Bloomberg.
Proposed structure and process
The proposed financing is understood to include a convertible equity component, according to Private Equity Wire. The proposed financing follows discussions between RMZ and several global private credit managers, the report said.
IPO considerations and intended use of proceeds
RMZ is also considering an IPO that could raise as much as $1bn, according to Private Equity Wire. Proceeds from the financing would support RMZ’s expansion across commercial real estate, including office developments and data centres, the report said.
CPPIB relationship and private credit market data
RMZ is described as CPPIB-backed, and the company has an established investment partnership with CPPIB in which CPPIB has committed capital to several of RMZ’s property ventures, according to the report. Private Equity Wire said the potential transaction highlights the growing role of private credit in India’s real estate sector, where alternative lenders are increasingly providing financing to developers.
Property accounted for approximately 35% of private credit transactions in India during the first half of 2026, according to EY as cited by Private Equity Wire. Private Equity Wire reported that EY attributed this share to institutional investors increasing their exposure to commercial property and digital infrastructure.
(As widely known context, private credit is a form of non-bank lending, and convertible instruments can allow a lender to convert part of its exposure into equity under specified terms.)
