Bain Capital Credit has closed its latest debt fund, the $3.1 billion Bain Capital Distressed and Special Situations Fund 2016, surpassing its $3 billion fundraising target, said sources close to the firm.
Bain Capital changed the name of its credit business from Sankaty Advisors to Bain Capital Credit in the first quarter. Bain Capital executives expect that with the addition of capital from separately managed accounts they will raise a total of $3.5 billion, the fund’s hard cap, sources said.
Bain Capital also changed the name of its last credit fund to Bain Capital Distressed and Special Situations Fund 2013. The previous credit fund raised $2.5 billion.