Bain Capital Closes $3.4B Investment Fund Focused on Retail and Alternative Assets
The firm’s fundraise was aided by a $1.6 billion capital raise from 11North Partners
By Brian Pascus January 16, 2026 12:53 pm
reprints
Investment dollars are flowing quickly and prominently into Bain Capital as we open 2026.
This week, Bain Capital closed its Bain Capital Real Estate Fund III, which specializes in acquiring co-owned, open-air retail centers and other assets, with $3.4 billion in total commitments. This third fund was buttressed by a $1.6 billion capital raise with investment firm 11North Partners and $300 million in investment capital from current and former Bain Capital employees.
All told, Bain Capital has raised more than $5 billion in new capital across its various real estate strategies in the most recent fundraising cycle. The firm had previously raised $3 billion for Bain Capital Real Estate Fund II, which closed in December 2021.
Ryan Cotton, partner and head of Bain Capital Real Estate, said in a statement that his firm combines “rigorous analysis” and collaboration across Bain’s multifaceted investment network with “disciplined selectivity and active management” that takes “the long-term view” and aims to capitalize on enduring trends across CRE capital markets.
“We are grateful for the continued support of our limited partners and their conviction in our strategy and growing platform, which has delivered strong performance through one of the most challenging real estate cycles in decades,” Cotton added.
This third real estate fund from Bain will emphasize investing into “value-add opportunities in demand-driven, supply-constrained, and often hard-to-access sectors,” according to a release from the firm.
These investment dollars will target several core areas and alternative asset classes that will include urban infill industrial, open-air retail, hospitality, medical outpatient buildings, multifamily townhomes, senior housing, storage facilities and digital real estate assets.
Notable acquisitions Bain Capital made in recent years include a portfolio of 10 open-air retail centers anchored by Publix in Florida and South Carolina; a 122,000 square-foot medical office in Washington, D.C.; and Concert Golf Partners, a private golf and country club platform with 39 locations across the U.S.
“We believe we are competitively advantaged to capitalize on long-term secular trends driven by changes in how people live, work and spend,” said Cotton.
Brian Pascus can be reached at bpascus@commercialobserver.com.
