CPPIB-backed Indian real estate developer seeks financing from Bain Capital for expansion

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Property has become the biggest hunting ground in India as funds deploy larger cash into developers and fast-growing areas such as data centres. Photo by AFP via Getty ImagesIndian real estate developer RMZ Corp. is seeking to raise about US$500 million from Bain Capital to finance its expansion, according to people familiar with the matter, adding to a growing number of property firms securing funds through private credit.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company, backed by Canada Pension Plan Investment Board (CCPIB), is in advanced talks with Bain to obtain the financing after approaching several other global private credit firms, the people said, asking not to be identified because the discussions are private. The financing structure has an element of convertible equity, one of the people said.This advertisement has not loaded yet, but your article continues below.The funding comes ahead of RMZ’s proposed initial public offering that’s likely to happen soon, the people said. The Bengaluru-based company, one of India’s largest privately-owned property developers, is said to be considering an IPO that may raise as much as US$1 billion, Bloomberg reported last December.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againA representative for Bain Capital declined to comment and RMZ didn’t respond to a request for comment.The potential financing deal highlights how global private credit funds are stepping deeper into India’s real estate industry, filling funding needs that banks and traditional lenders have been reluctant or unable to meet.Property has become the biggest hunting ground for alternative lenders in India, accounting for about 35 per cent of private credit deals in the first half of 2026, according to EY, as funds deploy larger cash into developers and fast-growing areas such as data centres.India’s real estate industry is projected to expand to about 88 trillion rupees (US$924 billion) by 2030 from 26.4 trillion rupees last year, a report by KPMG and the National Real Estate Development Council showed.RMZ’s portfolio spans office parks, mixed-use development and logistics assets. The company has expanded its partnership with CPPIB, which has committed capital to several RMZ ventures, as the developer seeks to grow its commercial real estate portfolio and expand into areas including data centres.Proceeds from the US$500 million loan would be used to finance RMZ’s expansion in commercial real estate including the development of data centres, the people said.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.