Bain Back in Market

Yesterday I mentioned that Bain Capital is raising $15 billion. To be clear, that includes a $10 billion general fund and a $5 billion co-investment fund.

I’m told that there had been some early discussions inside Bain about jettisoning the dual fund structure – and that pesky 20% carry on the co-invest fund – but it was apparently a nonstarter.

Also worth adding that Bain is soliciting LPs not so much because existing ones are bailing – although a few likely will – but more because its existing LP base already stretched their commitment limits when Bain raised a total of $10 billion. A lot of endowments and foundations just can’t make 50% increases, which has led to marketing among larger pensions (including publics).