Bain Capital Ventures raises $1.6B

The venture division of Bain Capital closed its 11th fund at $1.6 billion, 14% larger than its previous $1.4 billion fund from three years ago.

AGI has already arrived

BCV believes artificial general intelligence, defined as agents performing many tasks as well as humans can, has already arrived and will reshape entire industries.

Four investment themes emerge

BCV will focus on infrastructure, healthcare, physical AI, and security as the most relevant areas in what it calls the post-AGI era.

Crusoe shows infrastructure bet

Data center developer Crusoe, valued at $30 billion and viewed as a near-term IPO candidate, exemplifies BCV's infrastructure play. BCV led Crusoe's Series A in 2019 when it focused on crypto mining.

Healthcare and security investments

BCV believes AI will transform healthcare and sees security as critical after AI agents went rogue during training. Portfolio companies include Loyal, a longevity startup for pets, and Dream, an AI-powered defender of national infrastructure.

Bain's broader ecosystem advantage

BCV stands apart by leveraging Bain Capital's expertise in credit, real estate, insurance, and private equity. The firm can offer founders equity capital, debt facilities, infrastructure partnerships, and real-economy relationships.

“BCV can support founders not just with equity capital, but with debt facilities, infrastructure partnerships, and real-economy relationships.”

Partner teams back each deal

Unlike most VC firms where one partner champions a deal, BCV's partners often team up in pairs or trios to back investments. The firm plans to invest in 30 to 40 companies from seed through Series B.

“We need to have enough mind space and time to really be thoughtful partners to every team we work with.”