Bain starts new $600 million venture fund
Bain Capital’s venture group has raised a $600 million venture capital fund, the Boston investment firm said today.
The new fund will invest in technology, business services and health care services. It will make early-stage to somewhat later-stage investments, ranging from $100,000 to $50 million per deal, according to Bain Capital Ventures managing director Michael Krupka. The typical deal size for the fund will be $10 million to $30 million.
Krupka said the venture group – distinct from the side of Bain that does leveraged buyouts – has returned $686 million to investors, including endowments and pensions, over the past two years. The venture unit’s last fund was launched three years ago, with $467 million in assets. The fund cashed in last year on LinkedIn, the professional networking web site, reaping about $300 million on a $53 million investment Bain first made in 2008.
Krupka said the firm started raising the fund in November, and the commitments to invest came in quickly. He said the massive media attention involving Bain, with its former chief executive Mitt Romney’s run for president, has not been a factor.
“It seems like it didn’t impact us,’’ Krupka said. And when it comes to doing deals, he said, “High-level politics, I think, is out of the minds of entrepreneurs who are working 24 hours a day…they just want to go build their businesses.’’
Bain also raised an additional $60 million for the fund from its partners and other investors in the fund.
Other venture investments Bain has made recently include – Boston Heart Diagnostics, a Framingham company that provides tests and treatment information on cardiovascular disease, and Linkable Networks Inc., a Boston company that lets consumers get advertised discounts credited directly to their credit or debit cards.
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