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Bain raises $7.3b in latest buyout fund

Bain Capital has raised $7.3 billion for its latest buyout fund, a person briefed on the matter confirmed.

This is the Boston-based investment firm’s eleventh fund. Bain has been working on attracting money from its investors -- endowments, pensions and others -- for this fund since late 2012.

Continue reading below first reported the completion of the fundraising, and said some new investors were offered a different sort of fee structure from Bain, with a reduced management fee of 0.5 percent but a higher-than-typical 30 percent and share of profits on the fund’s investments going to Bain. The historic industry standard in private equity and hedge funds is a 2 percent fee, with 20 percent of profits going to the firm. Bain has often fetched a higher split, particularly because of its strong returns in the 1990s.

Bain has about $75 billion under management.

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