Alternative investment firm Bain Capital announced the formation of Bain Capital Real Estate, comprised of the professionals currently managing Harvard Management Company’s (HMC) real estate investments.
Effective February 1, 2018, the HMC Real Estate Team, which consists of 20 professionals, will spin out of HMC and become Bain Capital employees.
Dan Cummings, an industry veteran and currently managing director and head of real estate at HMC, will lead the team which he helped found in 2010.
The team, which has invested more than $3.4 billion of equity in its direct real estate investment strategy since its inception, will manage HMC’s direct real estate investment portfolio and HMC will continue to invest in the team’s future strategies.
“This talented team of investors will be a great addition to our global partnership, and we are excited to welcome them to Bain Capital. They bring significant expertise and a strong track record, and also share our commitment to a thematic, deeply analytical investment approach,”
said John Connaughton and Jonathan Lavine, co-managing partners of Bain Capital.
The addition of the real estate team will enable Bain Capital to leverage the group’s experience for the benefit of the firm’s existing businesses. The firm currently has significant real estate expertise through Bain Capital Credit’s global distressed and special situations
portfolio and Bain Capital Private Equity’s consumer, hospitality and retail portfolio.
As part of Bain Capital, the real estate team will leverage the firm’s global platform to assist in sourcing efforts as well expertise in life sciences/healthcare, consumer/retail, industrials and other sectors germane to its current portfolio as well as future investment themes.
“Joining Bain Capital is an ideal fit for our team. The firm has established itself as a leading investor across asset classes,” said Cummings.