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Bain Capital raises $11.8 bn for new flagship fund

Monday, May 03, 2021

Laxman Pai, Opalesque Asia:

US multistrategy investment manager Bain Capital LP said it has raised $11.8 billion from outside investors and employees for its latest flagship North America buyout fund.

Bain amassed $10 billion from outside investors for its 13th buyout fund, Bain Capital Fund XIII, exceeding an initial $9 billion target by 31%.

The Boston-based private equity firm's present and former employees also committed $1.8 billion in additional capital to the fund, said a report by Reuters.

Other investors in the vehicle include the Alaska Permanent Fund Corp., which committed $25 million in March, and the Virginia Retirement System, which pledged $225 million in August, WSJ Pro data show. Other commitments from public pension plans include $50 million from the New Mexico Educational Retirement Board and $150 million from the Tennessee Consolidated Retirement System, WSJ reported.

According to various reports, Bain's latest fund will seek to invest in a wide range of assets, from consumer and healthcare companies to technology companies, primarily in North America. The new fund expects to make 15 to 20 large buyouts with investments of $200m to $1bn.

Bain Capital raked in commitments for the North American-focused fund as fundraising in the private-equity industry bounced back from two quarters hit by the global coronavirus pandemic, according to data provider Preqin Ltd. The research company said in April that private-equity funds closed during ......................

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