Bain’s Double Impact Managing Director exits firm

Ex-Massachusetts Governor Deval Patrick, co-head of Bain Capital’s impact investing business, is reported to be mulling a presidential bid.

Another one of the platform’s senior leaders left over the summer: The executive, Warren Valdmanis, was not a key executive on Bain’s Double Impact fund, which closed on $390 million in 2017, according to a person with knowledge of the situation.

Valdmanis, a managing director at Bain Capital, left the firm in June, according to a person with knowledge of the firm and his LinkedIn profile. He joined the firm in 2005 and worked in various capacities over the years.

Valdmanis in 2015 joined the Double Impact team as one of the senior leaders along with Patrick, who joined the firm specifically to launch the impact investing business. Another senior executive at the launch was Greg Shell.

The three, Patrick, Valdmanis and Shell, were the initial leaders of the platform, according to an investment memo from the Los Angeles City Employees’ Retirement System.

Double Impact now is led by Patrick and Managing Director Todd Cook, who joined the platform in 2017. Cook previously worked on Bain’s private equity team since 1996.

Other senior executives on the team include Managing Directors Cecilia Chao and Peter Spring, according to the firm’s website.

Bain’s Double Impact business makes control investments in lower middle market companies where it can achieve a double result—strong investment returns and a societal benefit.

Its portfolio includes specialty physician services company HealthDrive and Arosa+LivHOME, a non-medical homecare company.

“One of the investment theses we have here is providing high-quality, low-cost care in a setting that’s convenient,” Spring told Buyouts in a previous interview.

The New York Times reported earlier this week that Patrick is considering running for president as a Democrat. If Patrick joins the race, he would have to leave Bain Capital, which could have an impact on the fund’s ability to continue making new investments.

Sources told Buyouts earlier this year Bain Capital was considering launching its second impact fund this year. The status of that situation is not clear.

Action Item: Check out Bain’s Form ADV here: https://bit.ly/33HOxed