Bain Capital’s insurance investing business closed its first private equity fund at $1.15 billion with commitments from institutional investors, high-net-worth individuals and families.
Bain Capital Insurance Fund LP is set to invest in middle market companies in North America and Europe across the entire insurance value chain. The strategy will concentrate on corporate transformations (including 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, which founded Bain Capital Insurance in 2021, sees the new business unit as poised to capture the ‘significant opportunities’ available in the $27 trillion global insurance sector.
“This significant milestone reflects the enthusiasm and trust of our investors, the relationships we’ve built with business leaders and entrepreneurs across the industry, and the significant opportunities we see to drive value across the complex insurance value chain,” said Matt Popoli, partner and global head of Bain Capital Insurance. “We’ve built a scaled team of insurance investing experts, deep researched-backed themes and the value creation approach to embrace that complexity, all supported by the global and platform advantages of the integrated Bain Capital platform.”
One of the largest dedicated insurance investing teams in the private equity industry, Popoli leads a group of 20 specialized professionals.
The group has already executed several investments, including an investment in Aptia in June. Aptia is a newly formed business created by the purchase of U.S. employee benefits administration and U.K. pension administration businesses March McLennan.
Bain so far has backed the launch of Summitas Gruppe, a German insurance brokerage platform, in partnership with JDC Group and Canada Life Irish Holding Co. They also launched Enhance Health, a technology-enabled health insurance brokerage and care navigation platform serving the individual and family medical plan market.
