Deval Patrick resigned as co-managing partner of Bain Capital's Double Impact business to join the race for the Democratic Party's presidential nomination, a Bain Capital spokesman said.
Mr. Patrick, who was governor of Massachusetts until 2015, announced his presidential run in a video on his campaign's website.
He joined Bain Capital in 2015 as a managing director to form the new business. In January, Todd Cook was promoted to co-managing partner to lead Bain Capital Double Impact alongside Mr. Patrick. Mr. Cook had moved over to Bain Capital Double impact in 2017 from Bain Capital Private Equity where he had been a team member since 1996. Mr. Cook will continue to lead Bain's Double Impact business. The team consists of four managing directors and three principals.
This is not the only personnel change made at Bain Capital Double Impact since December. During the period, Cecilia Chao, who recently switched to managing partner from an operating partner, moved to Bain Double Impact from its private equity business, after being an informal adviser to Double Impact. In December, Peter Spring was promoted to managing director from principal. He has been with Double Impact since 2017 and a member of the Bain Capital Private Equity team since 2005.
Bain Double Impact has completed 11 investments in sustainability, health and wellness, and education/workforce development.