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Bain Capital closes inaugural insurance fund at $1.15bn

Bain Capital Insurance, the insurance investing business of Bain Capital, has held the final close of its inaugural private equity fund, Bain Capital Insurance Fund, with $1.15bn in capital commitments, above its initial target of $750m. 

The fund includes approximately $1bn of outside commitments from institutional investors and high-net-worth individuals and families. Bain Capital employees committed the balance of the fund, continuing the firm’s heritage of being the largest investor collectively across its funds.

Bain Capital Insurance Fund is focused on middle market transactions in North America and Europe across the entire insurance value chain and draws on Bain Capital’s core capabilities of finding investment opportunities in highly complex, fragmented markets. 

The investment strategy is concentrated on three core areas: corporate transformations, such as management partnerships, carve-outs, and turnarounds; launching and building new insurance platforms; and inflection or event-driven investments driven by supply/demand imbalances, evolving business models, and shifting industry trends.

Bain Capital Insurance was formally launched in 2021 as a new business unit dedicated to capturing the significant opportunities available in the $27tn global insurance sector.

The business, one of the largest dedicated insurance investing teams in the private equity industry, has to date executed several deals including an investment in Aptia, a newly formed business created by the purchase of US employee benefits administration and UK pension administration businesses of March McLennan. It also previously launched Summitas Gruppe, a German insurance brokerage platform, in partnership with JDC Group and Canada Life Irish Holding Co, and Enhance Health, a technology-enabled health insurance brokerage and care navigation platform serving the individual and family medical plan market.

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