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Bain Capital hires former Massachusetts governor for impact investing

Bain Capital has hired Former Massachusetts Governor Deval Patrick to launch an impact investing business. Patrick starts at Bain Capital today, the firm said in a statement.

Patrick will lead the business and hold the title of managing director with Bain Capital, the firm said.

The impact business will focus on investments “that improve the overall quality of life or that create economic opportunities in communities which are economically distressed, overlooked by investors or otherwise in need of investment capital,” Bain Capital said.

Bain said the impact business will make investments across asset classes, including private equity, venture capital, mezzanine, public markets and real estate. The Boston Globe reported earlier Patrick was tasked with developing a business plan and raising money for the strategy.

Investments will mainly focus on the U.S., Bain Capital said, but will not be limited by geography.

Photo courtesy of Reuters