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 its expansion ahead of a potential initial public offering, according to a report by Bloomberg.
The proposed financing, which is understood to include a convertible equity component, follows discussions between RMZ and several global private credit managers. The Bengaluru-based developer is also considering an IPO that could raise as much as $1bn.
Proceeds from the financing would support RMZ’s expansion across commercial real estate, including office developments and data centres. The company has an established investment partnership with CPPIB, which has committed capital to several of its property ventures.
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 institutional investors increased their exposure to commercial property and digital infrastructure.
