Bain Capital made the first close to its Asia credit fund, raising $557 million as the private equity firm looks to scoop up distressed debt in China and other countries in the region.

Bain Capital Special Situations Asia LP, as the fund is called, tapped 38 investors so far for the fund, according to a filing with the U.S. Securities and Exchange Commission dated Sept 5.

Reuters previously reported the firm was looking to raise $1 billion for its first Asia-focused credit fund to capitalise on distressed debt and direct lending opportunities, according to people familiar with the plans.

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