Bain Capital nears $1.6b fundraising target

Bain Capital Real Estate Fund II, a value-add fund managed by Bain Capital, has raised $1.1 billion against a $1.6 billion target, according to sources familiar with the matter.

IREI understands this was the first closing of the fund, which opened to investors in January 2021. The fund’s investor base includes Maine Public Employees Retirement System, which recently committed $50 million to the vehicle, according to reports. The pension fund could not be reached for comment at the time of publication.

Like its predecessor, Fund II will focus on niche real estate segments such as industrial, global logistics, life sciences and lab space, senior housing, affordable apartments, urban retail, and self-storage. Fund I closed in July 2019 with $1.5 billion in capital commitments, surpassing its $1 billion fundraising target.

Bain Capital declined to comment on its fundraising activities.