Secondary market activity softens, Senior exec on Bain’s impact team leaves
Happy Wednesday!
Yesterday I tracked Bain Capital’s Double Impact platform after New York Times reported Deval Patrick, who joined the firm to launch that business, was considering a presidential run.
In doing that research, I noticed a senior exec on the impact team left over the summer. Warren Valdmanis, a managing director at the firm, was one of three leaders of the platform when Bain formed it in 2015, along with Patrick and Greg Lee.
Valdmanis left in June, a source confirmed. He joined Bain Capital in 2005 and worked in various capacities before moving to the impact platform in 2015. Check out my story here.
I’m not clear what happened to the leadership of the impact platform. It started with Patrick, Valdmanis and Lee, but the team is now led by Patrick and Todd Cook. Cook is a long time Bain private equity veteran, having joined the firm in 1996. Bain Double Impact Fund closed on $390 million in 2017.
Hit me up if you have any insight at cwitkowsky@buyoutsinsider.com.
Softening: Anecdotally, a few secondaries buyers have said in recent weeks the market appears to be softening up after running at record volume levels in the first half of the year. Pricing may be coming down from earlier this year.
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