Bain Capital Fund XIV

Overview

Bain Capital Fund XIV, L.P. is the fourteenth flagship North America private equity fund of Bain Capital, L.P. (Boston, MA; founded 1984; ~$185B firmwide AUM per the firm's Jan. 2025 LP disclosure to New Jersey; ~$68B specifically in the PE platform, >330 PE professionals, per the firm's Oct. 2025 close announcement). PitchBook lists the fund's vintage year as 2024. The fund launched fundraising with a $10B target — a step up from predecessor Fund XIII's $9B target (2021 vintage) — and held final close on/around October 3-6, 2025 (sources differ by a few days on the exact date) at $14B in total commitments: ~$11.8B from external limited partners (exceeding target) plus additional capital from Bain Capital-affiliated entities, which together are described as the fund's single largest investor and which committed at least 10% of the aggregate fund per firm policy. Fund XIV closed alongside Bain Capital's Europe VI and Asia V funds (both 2023 vintage); the three funds together represent $27B+ of committed PE capital. Strategy, per the fund's own investor-relations materials as summarized in a New Jersey Division of Investment IPC report dated Jan. 23, 2025 (and independently corroborated by the Division's own official Council meeting minutes of Jan. 29, 2025, and separately by PitchBook's fund profile): control buyouts of large and mega-cap, primarily North America-headquartered companies across Consumer/Retail, Healthcare, Business/Financial Services, Industrials, and Technology/TMT, with a focus on corporate carve-outs, founder transitions, and complex M&A. Equity checks are sized $300M-$900M across a targeted 15-20 portfolio companies, with gross return targets of 2.5x+ MOIC / 20% IRR. Fee terms disclosed to New Jersey: Class A LP interests carry a 1.5% management fee during the investment period (graduating post-investment period based on remaining invested capital) and 20% carried interest; Class B LP interests carry a 0.75% management fee and 30% carried interest; both classes have a 7% hurdle rate and a 100% management-fee offset. Auditor is PricewaterhouseCoopers; legal counsel is Ropes & Gray (which also advised Bain Capital on the fund's formation, per its own press release). Named senior deal team, per the NJ filing: Chris Gordon (Partner; Co-Head of Global Private Equity, Co-Head of North America Private Equity, and Global Head of Healthcare; joined Bain Capital 1997, ex-Bain & Company consultant), David Humphrey (Partner; Global Head of the TMT vertical and Co-Head of North America Private Equity; joined 2001, ex-Lehman Brothers M&A), and Kim McCaslin (Partner; Head of the North America Private Equity Portfolio Group; joined 2006, ex-Capital One Financial). Investor-relations contact listed: Rob Ehrhart, 200 Clarendon Street, Boston, MA 02116. Predecessor fund track record disclosed to LPs (net, Burgiss North America Buyout benchmark, as of 9/30/2024): Fund XI (2014 vintage) 21% IRR / 1.98x TVPI / 1.46x DPI; Fund XII (2018 vintage) 20% IRR / 2.03x TVPI / 0.94x DPI; Fund XIII (2021 vintage) 9% IRR / 1.14x TVPI / 0.07x DPI — the last reflecting the immature J-curve typical of a 2021-vintage fund and, per trade press, a tougher recent fundraising climate that Bain Capital's own team characterized as requiring "one of the largest distribution years ever" to support the Fund XIV raise. Fund XIV itself has no disclosed actual performance data (IRR/TVPI/DPI) as of this research — PitchBook shows only target returns (2.5x+ MOIC / 20% IRR gross), consistent with a fund that closed under a year prior and is still in its early deployment/J-curve period. LP base: New Jersey's Division of Investment is confirmed via the Division's own official Jan. 29, 2025 Council meeting minutes (a stronger primary source than the earlier-cited agenda memo alone) to have presented "up to $200 million" to the full Council — this corroborates the $200M figure over a conflicting $250M/2.08%-of-fund figure that appears elsewhere in the same NJ filing packet's detailed term sheet (likely a stale calculation based on an earlier, smaller assumed ~$12B fund size before the raise grew to $14B). Tennessee Consolidated Retirement System (TCRS) is a second, newly-identified named LP: its Investment Committee approved a $170 million commitment to "Bain Capital XIV, L.P." (per Dakota.com, referencing TCRS board action). Pensions & Investments separately reported the final $14B raise included three pension-fund commitments in total, without itemizing all three by name in the article text itself (re-verified directly) — NJ and TCRS plausibly account for two of the three. A third-party placement agent was engaged for the broader fundraise (per the NJ filing) but was not used to solicit, nor compensated for, New Jersey's participation. No specific portfolio-company acquisition has been confirmed in public sources as funded by Fund XIV as of this research (see NOTABLE_PORTFOLIO_INVESTMENTS); the fund had been closed for under a year at the time of this write-up, consistent with an early-deployment-stage large buyout vehicle. A recurring claim that CPP Investments (Canada Pension Plan Investment Board) is a Fund XIV LP has now surfaced in two independent research passes' AI-search syntheses but could not be traced to any primary or independently-verifiable source in either pass — it is deliberately excluded as unconfirmed / likely hallucinated.

Key Facts

Fund type

Buyout

Vintage year

2025

Strategy

Global private equity — Consumer, Healthcare, Industrials, Services, Technology

Managed by

Bain Capital

Fund size

USD 14.0B

Related on NestLens

• Bain Capital · Capital Manager (GP)