Bain Capital Real Estate has closed on a $3 billion fund that includes senior housing as a target.
The fund, Bain Capital Real Estate Fund II, garnered nearly double its initial target dollar amount, according to Bloomberg, which first reported on the fund’s closing. Bain’s targets for investment sectors include life sciences, media, e-commerce and residential.
On the residential side, the company’s strategy includes targeting senior housing, active living, and assisted living/memory care properties, a representative for Bain Capital told Senior Housing News. According to the Bloomberg report, about one-third of the fund’s capital has been deployed so far, with projects including new single-family rental houses in Texas, an “entertainment-production campus” in Los Angeles and a life sciences complex near San Francisco.
This is Bain Capital’s second such fund. In 2019, the company announced the formation of a $1.5 billion fund to focus on real estate classes such as senior housing, self-storage, life science and labs.
The company is among several other firms this year to launch funds targeting senior housing in the billions of dollars range. Others include KKR, which closed on a $4.3 billion real estate fund in October; Harrison Street, which closed on a $2 billion fund in October; and Kayne Anderson Capital Advisers’ $2.75 billion fund, which closed last month.
Bain also backs Washington, D.C.-based operator Capitol Seniors Housing. The companies in September acquired two newly-built, active adult communities in the Dallas-Fort Worth area with a combined total of 360 units.
Founded in 1984 by a group that included Senator Mitt Romney, Bain now has $150 billion in assets under management.
