Bain closes $600m VC fund

Bain Capital’s seventh venture capital fund will invest in B2B software, including software-as-a-service (SaaS) and infrastructure software.

Bain Capital Venture Fund has held a first and final close on target at $600 million, director of investor relations Elizabeth Bride a at Bain Capital, told Private Equity International. 

The Boston-based private equity firm has a venture capital arm which generally invests in the technology sector across B2B software, Bride said, including software-as-a-service (SaaS) and infrastructure software.

Bain Capital 's previous venture capital fund, Bain Capital Venture Fund 2014, held a close on $935 million in 2014, above its $650 million target. Fund 2014 has invested in companies such as B2B marketing and sales predictive intelligence engine 6Sense, payroll platform Justworks and bill payment platform AvidXchange. 

The firm's co-investment vehicle Bain Capital Venture Coinvestment Fund held a close on target at $200 million in 2014, and provides overage capital for the firm's larger growth investments.  

The co-investment fund still has ample dry powder, Bride said, adding: “Our co-invest fund is not stapled to a core fund, it can invest alongside any core fund in place over a five-year period.”

Bain Capital was founded in 1984 and has $75 billion in assets under management, as of July 2016, according to PEI Research and Analytics. The firm also focuses on buyout, debt, co-investments and fund of funds.