Bain Closes Fourth Credit Fund

Sankaty Advisors, the credit affiliate of Bain Capital, has raised $3.5 billion for its fourth fund, peHUB has learned. The first and final close occurred a few weeks ago, which is around five months after marketing commenced with a $3 billion target.

The Boston-based firm invests in a wide range of securities, including leveraged loans, junk bonds, distressed debt, structured products and equities. It had been investing out of a $2.5 billion vehicle raised just last year, plus a separate $1 billion Special Situations fund that focused on “hung” leveraged loans.

That latter vehicle counted Bain Capital’s buyout fund among its limited partners, but the firm did not repeat that process with the most recent fund. The only limited partner that peHUB has identified so far is the Pennsylvania State Employees’ Retirement System (which actually identified itself).