Bain Capital Real Estate announced it has closed more than $5 billion in new capital across its real estate strategies, including the final fundraising close for Bain Capital Real Estate Fund III with approximately $3.4 billion in total commitments.
The firm said Fund III drew support from a broad mix of new and existing limited partners globally and includes $300 million committed by Bain Capital employees and alumni, which the firm described as reinforcing alignment with investors.
The fundraising milestone follows Bain Capital Real Estate’s recent $1.6 billion capital raise alongside 11North Partners, which is slated to invest through their jointly owned open-air, necessity-based retail operating platform. Bain said the Fund III close, the 11North raise, additional co-investments and other capital formation efforts together amount to more than $5 billion of investible capital across its real estate strategies, expanding its capacity to deploy capital selectively and at scale across its highest-conviction themes.
Bain Capital Real Estate said the latest fundraising represents a meaningful step up from the roughly $3 billion in total commitments raised by Bain Capital Real Estate Fund II.
Fund III will continue Bain Capital Real Estate’s research-driven, thematic approach, targeting sectors that the firm says complement traditional real estate portfolios and are supported by long-dated secular trends. The fund is primarily focused on value-add opportunities in demand-driven, supply-constrained and often hard-to-access segments where active ownership and operational improvement can drive performance.
The firm identified core areas of focus including urban infill industrial, open-air retail, leisure and hospitality, medical outpatient buildings, for-rent townhomes, senior housing, marinas and storage facilities, and digital real estate assets. Bain said its approach combines thematic insights, partnerships with operators through dedicated platforms, and a flexible, disciplined posture as market conditions, pricing and liquidity evolve.
Bain also pointed to an expanded operating toolkit, including the establishment of real estate-dedicated Asset Management, Debt Capital Markets and Investor Relations functions. Recent investments highlighted by the firm include a private golf club platform acquired in partnership with Bain Capital Private Equity; a portfolio of 10 open-air retail centers across Florida and South Carolina, most anchored by Publix; an industrial portfolio primarily in Northern New Jersey; Boathouse Marine Center, a dry-stack marina in Pompano Beach, Florida; and an approximately 122,000-square-foot medical outpatient facility in the Washington, D.C., metropolitan area.
Bain Capital Real Estate said it has invested and committed more than $10.7 billion of equity across multiple sectors as of Sept. 30, 2025. Bain Capital overall reported approximately $215 billion in assets under management.
KEY QUOTE:
“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. Our thematic focus, underpinned by rigorous analysis and collaboration across Bain Capital’s platform, combined with disciplined selectivity and active management, positions us well to invest successfully across cycles. 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.”
Ryan Cotton, Partner and Head of Bain Capital Real Estate
