Boston-based Bain Capital has held a €2.03 billion first close on its fourth European fund, according to a source familiar with the matter.
The firm, which started fundraising last December, targeting €2.5 billion, held the first close on Friday.
Bain declined to comment on fundraising.
Bain principals will contribute at least €250 million to the fund, bringing the total initial commitment to €2.28 billion.
The firm will offer investors two options for the fee structure of the European fund, according to the source.
The first option offers the standard management fee at 1.75 percent, with 20 percent carried interest for the firm with a 7 percent preferred return. The second option consists of a management fee of
0.75 percent but with a premium carry of 30 percent and no preferred hurdle rate.
In April, Bain raised $7.3 billion for its Bain Capital Fund XI. Fund XI’s also offered different fund terms options: a 1.15 percent management fee with a 20 percent carry and 7 percent preferred return, a 1 percent management fee with a 30 percent carry and 7 percent preferred return, or a 0.5 percent management fee with a 30 percent carry and no preferred return, PEI revealed in March.
In March, Bain and Advent International teamed up with Danish pension fund ATP to acquire Nets, a payment provider in the Nordic region, for DKK 17 billion (€2.3 billion; $3.1 billion).