Fund Filing
Bain Capital discloses $1.81 billion for third Asia special situations fund
Boston-based Bain Capital has disclosed $1.81 billion raised from 117 investors for its third Asia special situations fund, according to a US Securities and Exchange Commission filing reported in early November 2026. The offering has not been shown as closed, and the vehicle is reportedly seeking at least $2.1 billion.
| Fund manager | Bain Capital, through the Bain Capital Special Situations Asia III vehicle (Boston-based) |
|---|---|
| Amount disclosed | $1.81 billion from 117 investors (SEC filing, reported early November 2026) |
| Reported target | At least $2.1 billion; the disclosed amount is about 86% of that goal |
| Final close | Not yet shown; the filing lists the total offering size and the amount still to be sold as indefinite |
| First sale recorded | 29 August 2025 |
| Fund type | Credit and special situations; bespoke, structured deals across Asia-Pacific |
| Predecessor funds | $2 billion second Asia special situations fund (announced June 2022); first dedicated Asia fund closed at $1 billion in 2018 |
| Parent business scale | More than $25 billion managed globally as of 30 June (Bain figure) |
What happened
Bain Capital has raised $1.81 billion for its third Asia special situations fund, according to a filing with the US Securities and Exchange Commission. The filing lists 117 investors. Reports of the disclosure appeared in early November 2026, with one trade report dated 2 November 2026.
The vehicle is reported to be targeting at least $2.1 billion. The filing, as reported, lists both the total offering size and the amount still to be sold as indefinite, so the fund should be read as raised to date rather than finally closed.
Sarit Chopra is named in the reporting as Bain Capital's head of special situations for Asia.
The fund and its track record
Bain's special situations business combines debt, equity and real estate expertise to finance companies and asset owners. The business managed more than $25 billion globally as of 30 June, according to the firm.
The new vehicle follows Bain's $2 billion second Asia special situations fund, announced in June 2022 after it exceeded its $1.5 billion target. The firm closed its first dedicated Asia special situations fund at $1 billion in 2018.
Bain's special situations activity in the region includes Bridge Data Centres, a Singapore-based hyperscale data centre operator active in Malaysia, Thailand and India.
Separate 2025 platform with Sattva Group and Colive
The fund filing, as reported, does not name Sattva Group or the Colive co-living platform. Those are covered in separate reporting from September 2025, when Bain Capital and Sattva Group partnered with the co-living operator Colive to launch a pan-India platform for rental housing.
- Colive will operate the platform under its brand. The operating entity is Colife Advisory Private Limited.
- The platform has received a commitment of USD 100 million. Bain Capital is the lead fund manager, and Sattva Group funds the entity and provides real estate and construction expertise.
- Bain Capital led USD 20 million of strategic funding in Colive.
- Trilegal advised Bain Capital on the set-up. Cyril Amarchand Mangaldas advised Sattva Group and Colive.
- Colive aims to grow from 14,000 managed beds to 50,000 within five years.
Reports of the launch give 5 and 10 September 2025 as dates, and a Sattva timeline gives 4 September 2025.
Platform sites in Bengaluru and Pune
The platform has completed initial land acquisitions in Whitefield, Bengaluru, and in Hadapsar and Upper Karadi, Pune. Together the sites cover nearly 0.5 million square feet of co-living space that is under development. Additional projects are being evaluated in Bengaluru, Pune and Hyderabad, with 8 to 10 flagship developments planned in the near term.
The reporting describes fully furnished co-living spaces near employment and education hubs. It does not give unit mix, rents, launch dates or possession dates for these sites, and no individual RERA registration for the platform has been reported.
Sattva Group, formerly Salarpuria Sattva Group, was founded in 1993 and is headquartered at Sattva Windsor, Ulsoor Road, Bengaluru. Its chairman and managing director is Bijay Agarwal. The group describes itself as having delivered 142 or more projects across more than 69 million square feet. These are company figures and have not been independently audited.
Location context
Whitefield, Bengaluru. Whitefield (Kadugodi) station is the eastern terminal of the Purple Line, which runs about 43.49 km with 37 stations. A Cantonment–Whitefield rail upgrade of 19 km, valued at ₹664.5 crore, is reported as 75% complete. South Western Railway plans to convert the 42 km Whitefield–Bangarpet corridor from two tracks to four.
Pune. Union Cabinet approval for Pune Metro Lines 4 and 4A was reported on 26 November 2025. Together the two lines add 31.636 km of elevated track and 28 stations, at an estimated cost of ₹9,857.85 crore. The completion period is set at five years, which points to around 2030.
What it means for buyers
The fund filing does not describe any project, price or unit for home buyers, and the reporting does not link the fund to local property prices. For buyers, the relevant item is the platform's Bengaluru and Pune sites. Those sites have no announced launch dates, unit mix or rents in the reporting, so buyers have no price sheet to compare.
What it means for investors and the market
Dealroom describes the close as a notable vote of confidence in Bain Capital and in the Asia-Pacific market. It also says the result is not proof that fundraising has broadly loosened. The region raised about $51 billion in the first half of 2026, already more than its full-year 2025 total.
Bain's own view, as quoted in the 2025 launch coverage, is that the investment showed confidence in the co-living sector and in Colive's leadership. Bijay Agarwal of Sattva Group has said the constraint in Indian housing is supply rather than demand. Colive describes demand from young professionals moving to cities as robust. That is an operator statement, not independent data.
Dealroom notes that the fund's results will depend on finding attractive deals in a cautious and concentrated market.
What comes next
- Fund close: the vehicle is still seeking a total of $2.1 billion, and the filing does not show a final close.
- Colive platform: 8 to 10 projects are planned in the near term in Bengaluru, Pune and Hyderabad, with no dates announced.
- Colive scale: the operator's stated aim is 50,000 managed beds within five years of September 2025.
- Pune Metro Line 4: completion is due five years from approval, around 2030.
Frequently asked questions
Has Bain Capital closed its third Asia special situations fund?
Not as of early November 2026. The SEC filing shows $1.81 billion raised from 117 investors, against a reported target of at least $2.1 billion, and it does not show a final close.
Is Sattva Group part of this fund?
The fund filing, as reported, does not name Sattva Group. Sattva's link to Bain is through a separate co-living platform announced in September 2025, in which Bain Capital is the lead fund manager and Sattva provides real estate and construction expertise.
Will this fund change home prices in Bengaluru or Pune?
The reporting does not connect the fund to local property prices. The platform sites in Whitefield and Hadapsar and Upper Karadi have no announced prices, unit mix or launch dates.
Where are the Colive platform sites?
Initial land has been acquired in Whitefield, Bengaluru, and in Hadapsar and Upper Karadi, Pune, covering nearly 0.5 million square feet of co-living space under development. More projects are being evaluated in Bengaluru, Pune and Hyderabad.
When will Pune Metro Line 4 open?
The reporting gives a five-year completion period from approval, which points to around 2030. No opening date appears in the reporting.
What is Colive's target?
Colive aims to grow from 14,000 managed beds to 50,000 within five years of its September 2025 launch.