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Bain Capital raised $5.7 billion for global special situations that will be deployed alongside the $3.3 billion it previously raised for funds and affiliated vehicles in Asia and Europe.
Author of the article:
Bloomberg News
Gillian Tan
Published Nov 18, 2024 • 1 minute read
(Bloomberg) — Bain Capital raised $5.7 billion for global special situations that will be deployed alongside the $3.3 billion it previously raised for funds and affiliated vehicles in Asia and Europe.
The latest fundraising includes capital for a new vehicle, Global Special Situations Fund II, as well as co-investments and separately managed accounts from investors including the New Mexico State Investment Council.
About a third of the $9 billion total has already been deployed, Barnaby Lyons, global head of Bain’s special situations group, said in an interview.
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Capital solutions, which includes providing bespoke financing that sits between private credit and private equity, is the most active vertical for the group, he said.
The unit also has focused on hard assets, investing in areas such as aviation, after identifying supply-chain issues, and it sees opportunities in data centers in Europe and emerging economies in Asia, Lyons said.
Bain also looks to lend in certain areas of real estate where banks have retreated. It has backed Irvine, California-based Archwest Capital, which provides fix-and-flip and construction loans, among other financing.
The special situations group is currently less active on distressed deals.
“It’s a muscle we have, and we use it aggressively when we see opportunities, as we did during Covid,” Lyons said.
His team also has backed AQ Compute, a European provider of data center services that relies on renewable energy, professional services firm Sikich, aircraft maintenance specialist MRO Holdings and Tyger Capital, a nonbank lender that operates in India.
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