Bain Capital Ventures doubles size of flagship vehicle

Bain Capital Ventures has raised a total of $1.9 billion across two new venture funds, more than twice as much as it raised for a previous flagship fund.

The Boston-based firm did not disclose the exact amount raised for each of the funds, BCV Fund X and BCV Select Fund IV. The two vehicles were previously known as the singular Bain Capital Venture Fund 2022, a spokesperson told Venture Capital Journal.

“BCV Fund X is dedicated to serving technology founders from the earliest to growth stages, and BCV Select Fund IV is dedicated to larger growth rounds, often (but not always) in companies that we’ve already invested in,” the spokesperson said via email.

The combined total for the new funds is a significant step up in size from Bain Capital Venture’s previous flagship fund, Bain Capital Venture Fund 2021, which closed on $934.5 million, according to VCJ research.

The firm did not disclose the names of investors in its latest funds, but LPs for Bain Capital Venture Fund 2021 included the Maine Public Employees Retirement System and the Boston Foundation, while Fund 2019’s investors included the State Teachers Retirement System of Ohio and the University of Michigan, and Fund 2016’s LPs included the Mathile Family Foundation, Sherman Fairchild Foundation and Ohio STRS, according to VCJ research.

Fund 2016 generated a total value to paid-in multiple of 3.8x and Fund 2019 produced a TVPI of 1.28x as of June 30, 2022, Ohio STRS reported.

“Entrepreneurs want to build alongside investors who’ve done so successfully, and our team of operators, builders and experienced investors delivers on that promise,” partner Enrique Salem said in a statement. “At BCV, we put in the work every day to understand our domains, have company-specific context and operating experience that the best founders expect from their partners.”

In addition to the new funds, BCV said it bolstered its investment team over the last year, adding partners Christina Melas-Kyriazi, formerly head of product for Affirm; Sarah Hinkfuss, formerly an investor at KKR; Slater Stich, formerly founder of Activation Fund; and Saanya Ojha, formerly with Coatue and Goldman Sachs.

Founded in 1984 and based in Boston, Bain Capital Ventures invests in fintech, application software, infrastructure, and commerce-tech. The firm’s early-stage investments include Attentive, Bloomreach, Docusign and Flywire.