Boston-based buyout major Bain Capital is nearing the halfway mark of its latest fundraise.
The Boston-based firm is currently finalising commitments from investors totalling $2.5bn for its Bain Capital Fund XI in addition to a $600m commitment from its fund managers, an LP source told AltAssets
They confirmed the commitments for the $6bn vehicle were received last week and the finalisation of a first close is currently underway, with Bain looking to finish the fundraise by autumn.
Bain plans to continue its traditionally high GP investment in the vehicle by providing a minimum of 10 per cent of the fund total, although the LP added this could go as high as the 15 per cent it committed to its second Asia vehicle last year.
That compares to the two or three per cent generally committed by firms to their buyout vehicles.
A spokesman for Bain declined to comment on fundraising activity.
BCF XI is targeting an IRR of at least 20 per cent according to the Pennsylvania State Employees’ Retirement System, which has invested in Bain’s previous funds.
The firm’s last buyout fund was closed on $10.7bn in 2008 and had an IRR of zero as at the end of September last year.
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