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Bain Capital Raises $800 Million for Second Impact Investing Fund

Bain Capital has raised $800 million in fresh capital to back businesses that the firm bets will benefit not only fund investors but also society at large.

Bain Capital Double Impact, the Boston firm’s impact investment unit, has raised its second fund as investment vehicles focused on generating environmental, social and governance benefits have faced their share of marketing headwinds.

Lockdowns and travel restrictions imposed as a result of the coronavirus pandemic have made fundraising more challenging as investors conducted due diligence remotely. At the same time, a new rule by the U.S. Labor Department made it somewhat trickier for certain investors to back impact funds.

Global impact funds have attracted just $14.6 billion across 52 managers so far this year through Nov. 20, well off pace from the $76.2 billion raised across 92 such funds in 2019, according to data provider Preqin Ltd.

While temporary stay-at-home orders slowed the firm’s fundraising, Todd Cook, managing partner of Bain Capital Double Impact, said he believes investor interest in the strategy remains strong.

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