Bain Capital raises $ 11.8 billion for new buyout fund
Bain Capital raised $ 11.8 billion for its latest flagship buyout fund, exceeding its target and resulting in significant participation from people affiliated with the company, a spokesperson confirmed.
Boston’s multi-strategy investment manager has raised about $ 1.8 billion for the vehicle, Bain Capital Fund XIII LP, from current and former employees, the spokesperson said. Reuters reported on the fundraiser earlier on Friday.
Other investors in the vehicle include the Alaska Permanent Fund Corp., which pledged $ 25 million in March, and the Virginia Retirement System, which pledged $ 225 million in August, according to data from WSJ Pro. Other liabilities from public pension plans include $ 50 million from the New Mexico Educational Retirement Board and $ 150 million from the Tennessee Consolidated Retirement System, according to the data.
The new fund exceeded its target of $ 9 billion by 31%.
Bain Capital made commitments for the North America-focused fund as fundraising in the private equity sector rebounded after two quarters hit by the global coronavirus pandemic, according to data provider Preqin Ltd. The research firm said in April that private equity funds closed in the first quarter raised about $ 188 billion globally.