ImpactAlpha, Nov. 23 – Bain Capital is doubling down on impact. The Boston-based private equity firm raised $800 million for its second Double Impact fund, more than double the amount of its first impact fund (see, “What we know about Bain Capital’s $390 million Double Impact Fund”).
International investors committed 25% of the fund, while Bain’s own employees committed $75 million, according to the Wall Street Journal. Bain’s Todd Cook acknowledged to the WSJ that pandemic-related shutdowns slowed fundraising.
The fund’s thesis will mirror that of first Double Impact fund, seeking to scale companies advancing environmental sustainability, health and wellness, and workforce development and education.
Double Impact Fund I has made a dozen investments including in edtech company PresenceLearning and health services firm Broadstep Behavioral Health. Another portfolio company, Sustainable Restaurant Group, filed for bankruptcy in May amid coronavirus business disruptions and was later acquired out of bankruptcy by Sortis Holdings (see, “Two steps forward, one back, for Bain Capital’s Double Impact fund”).
Bain exited Impact Fitness, one of its earliest health and wellness investments, to Morgan Stanley Capital Partners last year.