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Bain Capital raises $650 million venture fund

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.

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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.

Beth Healy can be reached at Follow her on Twitter @HealyBeth.
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