Rumor: 2020’s vicious political cycle is going to make for some fun private equity coverage. New York Times yesterday posted a story that ex-Massachusetts Governor Deval Patrick, current co-managing partner of Bain Capital’s impact investing business, is considering throwing in as a Democratic presidential candidate in an already-crowded field.
My question, for which I’ve yet to receive an answer, is what happens to the Double Impact business if Patrick embarks on a presidential bid. He joined Bain in 2015 specifically to help launch the impact investing business. Sources told me earlier this year Bain may launch a second Double Impact fund this year, after raising $390 million for its debut vehicle in 2017.
Patrick initially led the Double Impact business along with Greg Shell and Warren Valdmanis, according to an investment memo from Los Angeles City Employees’ Retirement System. Patrick now leads the team alongside Managing Director Todd Cook.
I’m not clear on the key-person set up for the Double Impact fund, but I have to imagine LPs would not be too excited to see Patrick take off.
Patrick outlined his vision for a fair capitalist system at a conference earlier this year: “What we’re seeing, and there are a number of studies that confirm this, confidence in capitalism is in decline … and that ought to concern us. There are a host of reasons for that, some well earned and some not.
“I’m a capitalist, I’m not a market fundamentalist. I don’t think that markets solve every problem. We have to have an economy that’s expanding and we have to have an economy that’s expanding out and not just up.”