Bain Capital and CPPIB in final leg of RMZ Group’s $500mn

US private equity major Bain Capital and top pension fund Canada Pension Plan Investment Board (CPPIB) are competing in the final leg of the ongoing large fund raise process for integrated real assets platform RMZ Group, multiple industry sources in the know told Moneycontrol.

On April 1, Moneycontrol was the first to report that the Menda family-backed firm based in Bengaluru, was looking to raise growth capital in excess of $500 mn at the holding company level and had initiated talks with investors.

“This is a big transaction for the realty segment in the current environment. RMZ Group is looking to raise between $500 mn to $750 mn,” said one of the persons above.

A second person said that the deal is a two-way race between Bain Capital and CPPIB.

A third person also named the two suitors above, without elaborating which of them had an edge in the discussions.

“The proposed transaction is likely to be done via a structured investment route, quasi equity style linked to a potential IPO outcome,” a fourth person elaborated.

All the four persons above spoke to Moneycontrol on the condition of anonymity.

It wasn’t immediately clear if any co-investors or a consortium would be used by the two suitors to proceed in the proposed transaction.

According to the April 1 report of Moneycontrol, RMZ Group needs the additional funds to expand its existing office portfolio and also bolster its presence in other verticals like data centres and retail hospitality.

"The firm has a strong execution track record with high quality projects and has given good exits earlier to global investors at the asset or project level. Investment bank HSBC Securities has been mandated as the transaction advisor for the process. Post the proposed fund-raise, in 12 to 18 months, RMZ Group is keen to pursue an initial public offer (IPO),” the April 1 report had added.

An email query sent to RMZ Group remained unanswered at the time of publishing this article. Reminders have been sent and this article will be updated as soon as we hear from the firm. When contacted, Bain Capital and CPPIB declined to comment.

Incidentally, CPPIB is a limited partner or LP in various Bain Capital funds. In the past, the Canadian investor has bet $210 million on RMZ’s commercial property projects in Chennai and Hyderabad.

Private equity bets in the domestic real estate sector surged sharply in 2025, rising 59 per cent year-on-year to reach $6.7 bn 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.

A closer look at RMZ Group

RMZ 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, as per an announcement by the firm in January. Operating through an integrated owner-operator model, the group combines development, operations, and capital management to create long-horizon platforms.

In 2020, Japan’s Mitsui Fudosan Co. backed one of the group's office projects in Bengaluru.