Boston’s Bain Capital Ventures raised $935 million to be spread across two funds on Wednesday, according to the New York Times.
The fresh capital, called “Bain Capital Venture Fund 2014,” will be divvied into two separate funds. The split structure would allow Bain Capital Ventures to make larger investments in more mature companies, known as growth equity deals. Previously, Bain Capital Ventures kept the size of its investments to under 10 percent of its fund.
According to the Times’ source, the larger core fund is worth $715 million, of which $65 million was committed by Bain employees, with the remainder coming from outside investors. The second, smaller fund totals $220 million, and includes $20 million from Bain’s own.
It is unknown which partners will be making investments out of either fund.
The Times’ source also said that the arm raised the funds relatively fast, starting in April and closing in early June. This filing with the Securities and Exchange Commission, dated June 6, shows that Bain Capital Ventures raised $650 million.
Bain Capital Ventures is a venture branch within Bain Capital, and has previously invested in the likes of LinkedIn, Vonage, Princeton Review and Rapid7, among others. The firm made 11 investments in the past year, including Boston’s Stackdriver, which was acquired by Google in May.
In addition to Boston, the venture arm also has offices in New York and Palo Alto.
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