Bain Capital Ventures has reportedly beefed up its team with four new partners over the past year amid its fifth fund becoming 20-25 per cent invested.
The firm has added ex-San Francisco-based Bay Partners general partner Salil Deshpande, pictured, ex-Accel Partners executive Todd MacLean,Village Ventures co-founder Matt Harris and ex-Axeda CEO Jack Sweeney according to the Wall Street Journal.
It said all four of the new partners have a connection to the Boston-headquartered firm and two of them, MacLean and Harris, have previously worked for Bain.
In addition Bain has promoted Ben Holzman to partner, while managing director Ben Nye will now become its co-managing partner. The WSJ also reported Bain managing director Jeff Schwartz has decided to retire at the end of the year.
The report noted that all of the five new partners are focused on the software sector, which accounts for 85 per cent of Bain Capital Ventures’ portfolio.
Nye also told the WSJ that the firm has deployed between 20 and 25 per cent of its $600m fifth fund, which was raised last year.
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