RMB Capitalworks is a joint venture between FirstRand, through Rand Merchant Bank, and Capitalworks Group, an emerging markets alternative asset manager. The platform focuses on providing hybrid capital solutions to high-growth mid-market businesses in India, combining institutional governance with deep local investment experience.

The Firm’s flagship strategy, the RMB Capitalworks Hybrid Solutions Fund, is targeting approximately USD 350 million and has achieved a first external close with commitments from global and Indian institutions and family offices. This capital base enables the fund to support the growth and value creation ambitions of mid-market Indian companies.

The fund follows a solutions-driven approach that blends private equity and private credit. Investments are structured to provide downside protection through tailored features alongside equity or equity-linked upside. This allows investors to participate in India’s growth with managed risk, while enabling companies to access capital with minimal dilution and greater balance sheet flexibility.

RMB Capitalworks works closely with management teams as a long-term partner, focusing on governance, strategic direction and operational improvement, supported by strong local relationships and an experienced network of advisors.

The India-based investment team is led by Managing Partner Anshuman Malur and includes senior professionals who have invested together in the market for several years. RMB Capitalworks is positioned as a specialist hybrid capital investor, targeting attractive risk-adjusted returns through disciplined structuring and active partnership.