Former Massachusetts Governor Deval Patrick has joined Bain Capital. In his hew role, the Governor will focus on social impact investments.
Patrick has been hired as a managing director.
Social impact investing is a new business line for the firm, and will build on Patrick's use of social impact bonds in Massachusetts. Massachusetts was one of the first states in the US to use this type of bond structure for social and economic challenges.
The new business will focus on “double bottom line” investments that improve overall quality of life, or that create economic opportunities in communities which are economically distressed, overlooked by investors or otherwise in need of investment capital.
Bain anticipates that this business will provide capital solutions with significant measurable social impact across a broad array of asset classes, including private equity, venture, mezzanine, public markets and real estate.
Investments will be mainly focused in the US, with sectors of interest including education, health, energy, and the environment.
Patrick will be based in the firm's Boston office.