Senior Housing a Target in New Bain Capital Fund Raising Almost $4B

Bain Capital is reportedly spinning up a third fund totaling $3.75 billion that will include senior housing projects as a targeted real estate investment type.

The company registered the new fund last year and recently shared details on it with the New Mexico State Investment Council, according to BisNow, which reported on the fund this week.

Bain is reportedly moving ahead with the new fund with the intention of targeting a wide swath of property types ranging from life sciences and medical office to affordable housing and senior housing. About three-fourths of the fund is slated for investments in North America, according to BisNow.


The reported dollar amount eclipses the company’s previous and second fund, which closed with more than $3 billion in value. That fund also targeted senior housing, with a particular focus on active adult and assisted living/memory care properties. The company’s first fund, totaling $1.5 billion, targeted similar property types.

Boston-based Bain Capital has about $165 billion in total assets under management today.

Bain works closely with senior housing developer Capitol Seniors Housing (CSH), which itself has 12 senior living operating partners and 40 communities. In a recent interview with Senior Housing News, CSH Founder Scott Stewart noted that the company had reset its expectations for growth in 2023 due to the current uncertainty regarding the future of interest rate growth in the U.S.


“Until they hit a peak … and they start making their way back down, I think a lot of people will have their growth and their operations stymied,” Stewart recently told Senior Housing News. “A lot of projects, including ours, are sitting on the sidelines.”

That said, CSH has a handful of projects slated to open soon, including a new active adult project in Indianapolis and another assisted living and memory care community in New Jersey with Chelsea Senior Living.

“We’re still executing,” Stewart said. “We’re just not doing it as fast as we originally had planned to.”

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