News: The fund will support enterprise and infrastructure software startups.
Bain Capital Ventures has raised $600m for a new fund to support technology startups.
Bain Capital Venture Fund 2016, L.P. was disclosed in the company’s filing with the US Securities and Exchange Commission.
The filing lists managing directors Ajay Argawal and Michael Krupka as people related to the offering, in which 66 investors participated.
The majority of the capital came from the company’s existing range of limited partners. The company has earlier closed two funds, a $650m early-stage vehicle, and a $200m co-investment fund.
The new fund will support enterprise and infrastructure software startups as part of Bain Capital’s earlier investing patterns.
Agarwal told VentureBeat that specific areas of focus for the new fund include SaaS, machine learning, financial and retail technology, cybersecurity, cloud infrastructure, and open source.
He said: “We will also continue to balance investments geographically, including California, which now represents half of our senior investment team and half of our investment dollars.”
The company seeks to continue its strategy of investing in North American enterprise software firms that are at several stages of development.
Bain Capital Ventures manages $3.1bn of committed capital and has more than 70 active portfolio companies. It has offices in Boston, New York, and Palo Alto.
The company has raised slightly more than $3bn of investor capital since 2001 across five investment funds.
Select investments include BloomReach, Booker Software, LinkedIn, Archer Technologies, SurveyMonkey, VMTurbo, VMLogix and several others.
Bain Capital Ventures is the venture capital division within Bain Capital, which has about $75bn of assets under management globally.