Bain Capital has raised its sixth venture capital fund, closing it at $650 million, according to a person familiar with the matter.
The Boston firm, well known for its large private equity funds, also has venture capital portfolios, which invest in earlier-stage companies. Generally, the deal sizes run from $1 million to $50 million. Target industries include software, business services, and health care technology and services.
Bain Capital Ventures raised the new fund quickly, starting in April. Its last venture fund was raised in 2012 and totaled $600 million.
The firm’s employees also invest their own money alongside the fund -- $65 million in this case. In total, the fund will have $715 million in available capital.
Bain also raised a co-investment fund, of $220 million, that will be used to back larger rounds for companies in the portfolio.