Bain Capital, known for in more than 800 companies including Burlington Industries, Samsonite Luggage and the now defunct Toys R Us, is going to launch a new fund for making investments or even buying out late stage tech firms.
According to business cable TV network CNBC, the 35 year old private equity firm announced it’s new fund, Bain Capital Tech Opportunities, will put up $50 to $200 million in equity investments that will go mostly to cybersecurity and enterprise software startups in late stage status. Fintech, Healthtech and digital media are also possible investment targets. CNBC’s source is asked not to be named due to the private nature of the plans.
Bain is looking to invest in companies with an annual recurring revenue of $30 to $100 million and valuations of less than $500 million. Bain would like to locate international companies to invest in and forge relationships with other companies in its portfolio. Bain would be in competition with HGGG and Francisco Partners, according to CNBC’s sources.
Bain’s private equity managing director, Darren Abrahamson, will manage the new fund, alongside Dewey Awad, the company’s public equity managing director. The fund will be staffed by “about 15 people internally and externally.”