India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Ltd and Bain Capital Credit, may announce the final close of its maiden India-focused fund at $750 million against the initial target of $1 billion, one person aware of the matter said, requesting anonymity.

Launched in 2016, IndiaRF has a mandate “to invest capital directly into distressed businesses and/or acquire the debt of such businesses to enable and drive optimal restructuring", according to its website.

“They have decided to revise the final close at $750 million, with a top-up option in the future," he added.

Piramal Enterprises and Bain Capital Credit had committed $100 million, each, back in 2016. In 2018, they brought in International Finance Corp., an arm of the World Bank, as a limited partner with a commitment of another $100 million.

In an emailed response to Mint’s queries, a Piramal Enterprises spokesperson said: “We would like to clarify that IndiaRF has not held a final close. The cap is likely to be $750 million, but is not yet fixed. The sponsors have made sizeable commitments to the fund."

Last November, IndiaRF had invested $156 million in Archean Chemical Industries. In April, it announced its second investment of $144 million in Panacea Biotec, a pharmaceutical biotechnology firm.

In a consortium with other bidders, IndiaRF had submitted bids for Binani Cement and Bhushan Steel in an insolvency auction, but both proved unsuccessful.

In 2017, Piramal Enterprises had entered into a partnership with Ivanhoé Cambridge, a subsidiary of Caisse de dépôt et placement du Québec, to provide long-term equity capital to residential developers. This year, it announced its first investment of 500 crore in the Lodha Group’s Palava Township project in suburban Mumbai.