Bain Capital and CPPIB Near Completion of RMZ Group's $500mn - $750mn Fund Raising Effort
Bain Capital and CPPIB in the Final Leg of RMZ Group Fund Raise
A high-stakes competition is underway between US private equity major Bain Capital and top pension fund Canada Pension Plan Investment Board (CPPIB) to secure a significant stake in integrated real assets platform RMZ Group. Sources familiar with the matter have revealed that the Menda family-backed firm based in Bengaluru is seeking to raise growth capital in excess of $500 million at the holding company level.
According to industry insiders, the proposed transaction could see RMZ Group raise between $500 million and $750 million. The deal is reportedly a two-way race between Bain Capital and CPPIB, with both suitors vying for a structured investment route, quasi equity style linked to a potential IPO outcome.
RMZ Group requires additional funds to expand its existing office portfolio and bolster its presence in other verticals such as data centres and retail hospitality. The firm has a strong execution track record with high-quality projects and has given good exits to global investors at the asset or project level. Investment bank HSBC Securities has been mandated as the transaction advisor for the process.
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| Investor | Office Segment | Data Centres | Residential Assets | Total |
|---|---|---|---|---|
| Bain Capital | ||||
| CPPIB | ||||
| Total | $6.7 billion | $6.7 billion |
Private equity bets in the domestic real estate sector surged sharply in 2025, rising 59% year-on-year to reach $6.7 billion, according to Savills India's Asia Pacific Q4 2025 report. The investments were led by the office segment, followed by data centres and residential assets.
RMZ Group is one of Asia's leading multi-strategy, privately owned alternative asset owners and operators. The firm builds, owns, and operates a diversified portfolio of real assets and infrastructure across premium commercial real estate, mixed-use developments, logistics, hospitality, and digital infrastructure. Founded in 2002, RMZ has developed and owns over 70 million square feet of real assets across six major Indian cities, with assets in excess of $20 billion.
CPPIB has a prior investment history with RMZ Group, having bet $210 million on the firm's commercial property projects in Chennai and Hyderabad. Despite efforts to contact RMZ Group, the firm has not responded to an email query. Bain Capital and CPPIB have also declined to comment on the matter.
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Investor Takeaway
Investors should be aware of the potential for a large fund raising effort in the real estate sector.
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