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Bain closes 12th fund with $9.4 billion

Bain Capital has closed its latest fund Bain Capital Fund XII at $9.4 billion, hitting its $8 billion hard cap for outside capital, with employees committing an additional $1.4 billion, according to sources familiar with the fund closing.

The fundraising target for the fund, which can make equity or debt investments, was $7 billion, with a hard cap at an additional 10% to 15% of capital, according to a memo May 19 memo to the board of a fund limited partner, the $52.7 billion Pennsylvania Public School Employees' Retirement System, Harrisburg.

Bain's 12th fund raised 29% more capital than Bain Capital Fund XI, which closed in 2014. Employees had committed $800 million to that fund, or 11% of committed capital.

In addition to the Pennsylvania Public School Employees' Retirement System, investors include the $70.4 billion Virginia Retirement System, Richmond, and the $44.4 billion Tennessee Consolidated Retirement System, Nashville.