Deval Patrick, former governor of Massachusetts, on Tuesday joined alternative investment firm Bain Capital to found a new business investing in projects with social impact, Alex Stanton, a Bain spokesman confirmed.
Mr. Patrick was Massachusetts governor for eight years until Jan. 8. He will be based in Boston.
The new business is expected to make investments that have a significant, measurable social impact across asset classes including private equity, venture capital, mezzanine, public markets and real estate. The business is expected to invest mainly in the U.S., but can invest abroad in sectors including education, health, energy, environment and neighborhood development.
The hire is the latest by a private equity firm seeking to benefit from the expertise and relationships of former high-ranking government officials. Warburg Pincus in 2013 hired Timothy Geithner, the U.S. Treasury secretary from 2009 to 2013, as the firm's president, and KKR & Co. named former Central Intelligence Agency Director David Petraeus to run a new unit for public policy, economic research and emerging markets due diligence at the private equity firm.
Bloomberg contributed to this story