Patrick returns to Bain’s impact unit as advisor

Former Massachusetts governor Deval Patrick is returning to Bain Capital Double Impact to serve on the impact advisory council.

Patrick was a founding partner and managing director of BCDI from 2015 to November 2019, at which point he left to launch a United States presidential bid. Before joining Bain Capital in 2015, Patrick had served as the 71st governor of Massachusetts for two terms from 2007.

Patrick will sit alongside three others on the impact team’s Impact Advisory Council. The firm established the council in October 2020 to provide “strategic guidance on outcome measurement within our portfolio companies, as well as to challenge and strengthen our impact objectives and measurement methodology”, BCDI managing partner Todd Cook and managing director Cecilia Chao told New Private Markets.

The other council members are Gerald Chertavian, founder and CEO of non-profit Year Up; Cathy Clark, faculty director at the Center for Advancement of Social Entrepreneurship; and Jeff Rideout, president and CEO of Integrated Healthcare Association.

News of Patrick’s reconnection with the firm was revealed in Bain Capital Double Impact’s year in review document, which contains highlights from 2020, a year in which the unit managed to close its second fund, BCDI Fund II, on $727 million.

Also in the report were results of BCDI’s participation in an impact verification process undertaken by consulting firm Bluemark. The verification process assess firm’s alignment with the nine Operating Principles for Impact Management. BCDI was ranked advanced – the highest of four ratings – across all nine principles.

The report also note BCDI’s award from affiliate title Private Equity International, which named it “Impact Invesment firm of the Year”.

• Read more about Bluemark’s benchmarking exercise here.
• Read a 2017 interview with Deval Patrick discussing the then newly raised Fund I.