Bain Capital Closes $3.4b Fund That Targeted Senior Housing 

Bain Capital has closed its third fund totaling billions of dollars, with senior housing among the fund’s targeted product types.

The company on Tuesday announced it had closed on capital worth $5 billion inclusive of Bain Capital Real Estate Fund III, which received $3.4 billion in total commitments from “a diverse group of new and existing limited partners globally,” according to a press release. The Fund III close follows a $1.6 billion capital raise alongside 11North Partners that will be invested through a “co-owned, open-air, necessity-based retail operating platform.”

Fund III will focus on value-add opportunities in “demand-driven, supply-constrained and often hard-to-access sectors,” the release states. The fund targeted senior housing real estate in addition to industrial, retail, leisure and hospitality, medical outpatient, for-rent townhomes, marinas and storage facilities.

“We are grateful for the continued support of our limited partners and their conviction in our strategy and growing platform, which have delivered strong performance through one of the most challenging real estate cycles in decades,” Ryan Cotton, partner and head of Bain Capital Real Estate, said in the release. “Looking ahead, we believe we are competitively advantaged to capitalize on long-term secular trends driven by changes in how people live, work and spend, and we remain committed to building enduring partnerships with investors and operators who share our long-term view.”

Bain Capital has invested and committed over $10.7 billion of equity across multiple sectors as of the third quarter of 2025.

Bain’s fund is the latest in a series of billion-dollar funds partly targeting senior housing in recent years. Late last year, Kayne Anderson reportedly raised $2.5 billion in commitments for a fund targeting a variety of real estate types, including senior living.

Bain Capital also closed a previous fund with similar targets worth more than $3 billion in 2021. Historically, Bain has targeted senior housing, active adult, and assisted living and memory care properties. The company has worked with partners including senior housing developer Washington, D.C.-based Capitol Seniors Housing, which has developed more than 120 senior housing communities and deployed over $2.5 billion of investment capital according to the company’s website.

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