Bain raises $1.5b for Harvard-backed debut property fund

Bain Capital has reportedly closed its debut real estate fund on $1.5 billion, exceeding its $1 billion target, reported media outlets.

The fund has started to invest its capital. With $550 million already deployed, the fund invests in life sciences, laboratories, elderly care facilities and self-storage operations.

Harvard University’s endowment and the Los Angeles County Employees Retirement Association are among the fund’s biggest limited partners. Bain also contributed more than a 10th of the capital raised.