Bain Capital Closes Inaugural Insurance Fund at $1.15 Billion

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07/19/2023 - 09:00 AM EDT

BOSTON--(BUSINESS WIRE)-- Bain Capital Insurance, the insurance investing business of Bain Capital, today announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, L.P. at $1.15 billion, above its initial target of $750 million. The fund includes approximately $1 billion of outside commitments from institutional investors and high-net-worth individuals and families. Bain Capital employees committed the balance of the fund, continuing the firm’s heritage of being the largest investor collectively across its funds.

Bain Capital Insurance Fund is focused on middle market transactions in North America and Europe across the entire insurance value chain and draws on Bain Capital’s core capabilities of finding investment opportunities in highly complex, fragmented markets. The investment strategy is concentrated on three core areas:

corporate transformations, such as management partnerships, carve-outs, and turnarounds
launching and building new insurance platforms; and
inflection or event-driven investments driven by supply/demand imbalances, evolving business models, and shifting industry trends.

“This significant milestone reflects the enthusiasm and trust of our investors, the relationships we’ve built with business leaders and entrepreneurs across the industry, and the significant opportunities we see to drive value across the complex insurance value chain,” said Matt Popoli, Partner and Global Head of Bain Capital Insurance. “We’ve built a scaled team of insurance investing experts, deep researched-backed themes, and the value creation approach to embrace that complexity, all supported by the global and platform advantages of the integrated Bain Capital platform.”

Bain Capital Insurance was formally launched in 2021 as a new business unit dedicated to capturing the significant opportunities available in the $27 trillion global insurance sector. Popoli leads an experienced group of ~20 specialized professionals – one of the largest dedicated insurance investing teams in the private equity industry.

Bain Capital Insurance has executed several investments that are emblematic of its strategy. In June, the firm announced an investment in Aptia, a newly formed business created by the purchase of U.S. employee benefits administration and U.K. pension administration businesses of March McLennan (NYSE: MMC). It also previously launched Summitas Gruppe, an innovative German insurance brokerage platform, in partnership with JDC Group and Canada Life Irish Holding Co, and Enhance Health, a technology-enabled health insurance brokerage and care navigation platform serving the individual and family medical plan market.

About Bain Capital Insurance

Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with over $165 billion under management across 24 offices on four continents. We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets. Learn more at www.baincapitalinsurance.com.