Deval Patrick, former Massachusetts governor and one-time candidate for the US presidency, has left Bain Capital to join impact firm Vistria Group as a senior adviser. Patrick had rejoined Bain Capital Double Impact in 2021 to serve as a senior adviser following his unsuccessful bid to win the Democratic nomination for the 2020 US election.
Patrick first joined Boston, Massachusetts-based Bain Capital in 2015 to spearhead the launch of its Double Impact vertical – making Bain, alongside TPG, one of the first generalist private equity firms to start an impact strategy. He had previously served two four-year terms as governor of Massachusetts from 2007 to 2015. His departure marks a return to his hometown of Chicago, where Vistria is headquartered.
Bain Capital Double Impact Fund II closed in 2020 on $728 million. It is now fully invested, a source familiar with the situation told New Private Markets.
“I believe that private capital should be the engine for innovation and prosperity, and that’s what the Vistria Group is all about,” Patrick said in a statement. “I look forward to working with the team to build upon their impressive record of generating superior outcomes for investors and broader stakeholders alike.”
Vistria, like Bain, is a long-established impact fund manager. It was founded in 2013 to invest in education, healthcare and financial inclusion impact themes. Vistria launched Fund V in 2022, targeting $4 billion, and is halfway towards this target, New Private Markets’ database shows.
The firm has been sweeping up talent in the impact industry over the duration of this fundraise. In January 2023, Vistria appointed Kelly McCarthy, then chief impact officer at the Global Impact Investing Network, as head of impact. In 2022, the firm poached real estate impact veteran Margaret Anadu – one of NPM’s 50 influencers in sustainability – from Goldman Sachs. Anadu leads Vistria’s core real estate strategy.
“Governor Patrick shares our strong conviction that private capital is an essential lever to help build a thriving economy and society,” Vistria co-founder and co-chief executive Marty Nesbitt said in the firm’s statement. “Since our founding in 2013, our focus has been building value in sectors that are at the intersection of the public and private sectors including healthcare, knowledge and learning solutions, financial services and housing. Governor Patrick’s experience will be invaluable in driving outsized social impact in these areas.”