Harvard Management Co’s real estate team of about 20 professionals has agreed to spin out and become employees of Bain Capital. The group will join Bain Capital Real Estate, the firm’s newly formed real estate investment group. Dan Cummings, head of real estate with Harvard, will lead the team.
Bain Capital, one of the world’s leading private, multi-asset alternative investment firms, today announced the formation of Bain Capital Real Estate, comprised of the professionals currently managing Harvard Management Company’s (HMC) real estate investments. Effective February 1, 2018, the HMC Real Estate Team, which consists of approximately 20 dedicated professionals, will spin out of HMC and become Bain Capital employees.
Dan Cummings, an industry veteran and currently Managing Director and Head of Real Estate at HMC, will lead the team which he helped found in 2010. The team, which has invested more than $3.4 billion of equity in its direct real estate investment strategy since its inception, will manage HMC’s direct real estate investment portfolio and HMC will continue to invest in the team’s future strategies.
“This talented team of investors will be a great addition to our global partnership, and we are excited to welcome them to Bain Capital. They bring significant expertise and a strong track record, and also share our commitment to a thematic, deeply analytical investment approach,” said John Connaughton and Jonathan Lavine, Co-Managing Partners of Bain Capital. “We believe this builds upon our existing experience, aligns with investment opportunities in several
of our business units, and will be an attractive resource for our investment teams and limited partners.”
“While we are sad to see Dan and his colleagues depart HMC, we are delighted that we will continue to be partners with them,” said N. P. “Narv” Narvekar, Chief Executive Officer of HMC.
“Furthermore, we are excited that they will be a part of Bain Capital, an outstanding investment management firm.”
The addition of the real estate team will also enable Bain Capital to leverage the group’s deep experience for the benefit of the firm’s existing businesses. The firm currently has significant real estate expertise through Bain Capital Credit’s global distressed and special situations portfolio and Bain Capital Private Equity’s consumer, hospitality and retail portfolio. As part of Bain Capital, the real estate team will leverage the firm’s global platform to assist them in sourcing efforts as well as deep industry expertise in life sciences/healthcare, consumer/retail, industrials and other sectors germane to its current portfolio as well as future investment themes.
“Joining Bain Capital is an ideal fit for our team. The firm has established itself as a leading investor across asset classes globally, and we could not be more excited to build a real estate business at Bain Capital,” said Cummings. “On behalf of our team, I’d like to thank Harvard for their support over the past seven years, and their continued support.”
About Bain Capital
Bain Capital (www.baincapital.com) is one of the world’s leading private, multi-asset alternative
investment firms with approximately $85 billion of assets under management. We invest across
asset classes including private equity, credit, public equity and venture capital, and leverage our
shared platform to capture opportunities in strategic areas of focus. Since our founding in 1984,
our team of approximately 950 people across 15 global offices has sought to create lasting
impact for our investors, our people, the businesses we invest in and the communities where we
live and work. The firm and our people bring this commitment to life by supporting a wide array
of charitable and nonprofit organizations with our time, expertise and resources through Bain
Capital Community Partnership.